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VIRGIN MEDIA INC.
(See note 1)
Notes to Consolidated Financial Statements — (Continued)
December 31, 2013, 2012 and 2011
II - 33
January 2021 VM Dollar Senior Secured Notes, (ii) £21.6 million of the January 2021 VM Sterling Senior Secured Notes, (iii)
$405.0 million (£244.5 million) of the 2022 VM 5.25% Dollar Senior Notes, (iv) $781.3 million (£471.6 million) of the 2022 VM
4.875% Dollar Senior Notes and (v) £355.9 million of the 2022 VM Sterling Senior Notes. With respect to the 2019 VM Senior
Notes and the 2018 VM Senior Secured Notes, Virgin Media previously had obtained consent from holders of such notes to waive
its repurchase obligations under the respective indentures related to the “Change of Control” provisions. The LG/VM Transaction
did not constitute a “Change of Control” event under the indentures governing the April 2021 VM Senior Secured Notes and the
2023 VM Senior Notes.
The details of the VM Notes as of December 31, 2013 are summarized in the following table:
Outstanding principal
amount
VM Notes Maturity Interest
rate Borrowing
currency
Pound
sterling
equivalent Estimated
fair value Carrying
value (a)
in millions
2018 VM Dollar Senior Secured Notes .... January 15, 2018 6.500% $ 1,000.0 £ 603.6 £ 626.6 £ 629.3
2018 VM Sterling Senior Secured
Notes...................................................... January 15, 2018 7.000% £ 875.0 875.0 910.0 914.8
2019 VM Dollar Senior Notes .................. October 15, 2019 8.375% $ 507.1 306.1 334.4 336.3
2019 VM Sterling Senior Notes................ October 15, 2019 8.875% £ 253.5 253.5 276.9 277.5
January 2021 VM Dollar Senior Secured
Notes...................................................... January 15, 2021 5.250% $ 447.9 270.4 276.8 279.0
January 2021 VM Sterling Senior
Secured Notes........................................ January 15, 2021 5.500% £ 628.4 628.4 634.3 638.2
April 2021 VM Dollar Senior Secured
Notes...................................................... April 15, 2021 5.375% $ 1,000.0 603.6 608.9 603.6
April 2021 VM Sterling Senior Secured
Notes...................................................... April 15, 2021 6.000% £ 1,100.0 1,100.0 1,135.1 1,100.0
2022 VM 5.25% Dollar Senior Notes....... February 15, 2022 5.250% $ 95.0 57.3 51.1 57.9
2022 VM 4.875% Dollar Senior Notes..... February 15, 2022 4.875% $ 118.7 71.6 62.8 72.3
2022 VM Sterling Senior Notes................ February 15, 2022 5.125% £ 44.1 44.1 40.9 44.5
2023 VM Dollar Senior Notes .................. April 15, 2023 6.375% $ 530.0 319.9 327.7 319.9
2023 VM Sterling Senior Notes................ April 15, 2023 7.000% £ 250.0 250.0 261.1 250.0
Total................................................................................................................................ £ 5,383.5 £ 5,546.6 £ 5,523.3
______________
(a) Amounts include the impact of premiums and discounts, where applicable, including amounts recorded in connection with
the acquisition accounting for the LG/VM Transaction.
The VM Senior Notes are unsecured senior obligations of Virgin Media Finance that rank equally with all of the existing and
future senior debt of Virgin Media Finance and are senior to all existing and future subordinated debt of Virgin Media Finance.
The VM Senior Notes are guaranteed on a senior basis by our company and certain of our subsidiaries and on a senior subordinated
basis by VMIH and Virgin Media Investments Limited (VMIL).
The VM Senior Secured Notes are senior obligations of Virgin Media Secured Finance that rank equally with all of the existing
and future senior debt of Virgin Media Secured Finance and are senior to all existing and future subordinated debt of Virgin Media
Secured Finance. The VM Senior Secured Notes are guaranteed on a senior basis by our company and certain of our subsidiaries
(the VM Senior Secured Guarantors) and are secured by liens on substantially all of the assets of Virgin Media Secured Finance
and the VM Senior Secured Guarantors (except for Virgin Media). The VM Notes contain certain customary incurrence-based
covenants. For example, the ability to raise certain additional debt and make certain distributions or loans to other subsidiaries of
Liberty Global is subject to a Consolidated Leverage Ratio test, as defined in the applicable indenture. In addition, the VM Notes
provide that any failure to pay principal prior to expiration of any applicable grace period, or any acceleration with respect to other