Virgin Media 2013 Annual Report Download - page 61

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VIRGIN MEDIA INC.
(See note 1)
Notes to Consolidated Financial Statements — (Continued)
December 31, 2013, 2012 and 2011
II - 36
The details of our borrowings under the VM Credit Facility as of December 31, 2013 are summarized in the following table:
Facility Final maturity date Interest rate
Facility amount
(in borrowing
currency)
Unused
borrowing
capacity (a) Carrying
value (b)
in millions
A........................................................ June 7, 2019 LIBOR +3.25% £ 375.0 £ — £ 375.0
B........................................................ June 7, 2020 LIBOR +2.75% (c) $ 2,755.0 — 1,655.3
C........................................................ June 7, 2020 LIBOR +3.75% (c) £ 600.0 — 597.2
Revolving Facility............................. June 7, 2019 LIBOR +3.25% £ 660.0 660.0 —
Total................................................................................................................................................. £ 660.0 £ 2,627.5
______________
(a) At December 31, 2013 our availability under the VM Credit Facility was limited to £653.6 million. When the relevant
December 31, 2013 compliance reporting requirements have been completed and assuming no changes from December 31,
2013 borrowing levels, we anticipate that our availability will be limited to £622.0 million. The VM Revolving Facility
has a commitment fee on unused and uncanceled balances of 1.3% per year.
(b) The carrying values of VM Facilities B and C include the impact of discounts.
(c) VM Facilities B and C have a LIBOR floor of 0.75%.
MergerCo Bridge Facility Agreement
On June 5, 2013, a subsidiary of Liberty Global entered into a short-term unsecured bridge credit facility agreement as the
borrower in an aggregate principal amount of approximately $3,545.0 million (£2,281.9 million at the applicable rate) (the MergerCo
Bridge Facility Agreement), with amounts borrowed applied towards paying the consideration for the LG/VM Transaction together
with any related fees, costs and expenses. This facility was assumed by our company on June 7, 2013 as a part of the LG/VM
Transaction.
Amounts borrowed under the MergerCo Bridge Facility Agreement were repaid on June 12, 2013 using proceeds from the
issuance of the April 2021 VM Senior Secured Notes and the 2023 VM Senior Notes. There was no margin or interest payable
under the MergerCo Bridge Facility Agreement. However, the lender was paid a commitment fee. The MergerCo Bridge Facility
Agreement was an unsecured credit facility.