Virgin Media 2014 Annual Report Download - page 18

VIRGIN MEDIA INC.
(See note 1)
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2014
(unaudited)
16
Intangible Assets Subject to Amortization, Net
The details of our intangible assets subject to amortization are set forth below:
Successor
June 30, 2014 December 31, 2013
Gross
carrying
amount Accumulated amortization
Net
carrying
amount
Gross
carrying
amount Accumulated amortization
Net
carrying
amount
in millions
Customer relationships...................... £ 2,527.0 £ (388.0) £ 2,139.0 £ 2,527.0 £ (205.5) £ 2,321.5
(6) Debt and Capital Lease Obligations
The pound sterling equivalents of the components of our consolidated debt and capital lease obligations are as follows:
Successor
June 30, 2014
Weighted
average
interest rate (a)
Unused
borrowing
capacity (b)
Estimated fair value (c) Carrying value (d)
June 30,
2014 December 31, 2013 June 30, 2014 December 31, 2013
in millions
Debt:
Parent:
VM Convertible Notes (e).......... 6.50% £ — £ 95.9 £ 99.1 £ 33.4 £ 34.7
Subsidiaries:
VM Notes................................... 6.11% — 5,193.1 5,546.6 5,002.3 5,523.3
VM Credit Facility ..................... 3.78 % 660.0 2,934.6 2,649.3 2,926.0 2,627.5
Vendor financing (f)................... 3.58% — 55.1 37.8 55.1 37.8
Total debt................................. 5.23 % £ 660.0 £ 8,278.7 £ 8,332.8 8,016.8 8,223.3
Capital lease obligations ................................................................................................................... 205.0 225.5
Total debt and capital lease obligations............................................................................................ 8,221.8 8,448.8
Current maturities ............................................................................................................................. (172.0)(159.5)
Long-term debt and capital lease obligations.................................................................................... £ 8,049.8 £ 8,289.3
______________
(a) Represents the weighted average interest rate in effect at June 30, 2014 for all borrowings outstanding pursuant to each debt
instrument including any applicable margin. The interest rates presented represent stated rates and do not include the impact
of our interest rate derivative contracts, deferred financing costs, original issue premiums or discounts or commitment fees,
all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums
and discounts and commitment fees, but excluding the impact of financing costs, our weighted average interest rate on our
aggregate variable- and fixed-rate indebtedness was 5.7% at June 30, 2014. For information concerning our derivative
instruments, see note 3.
(b) Unused borrowing capacity represents the maximum availability under the senior secured credit facility (the VM Credit
Facility) at June 30, 2014 without regard to covenant compliance calculations or other conditions precedent to borrowing.
At June 30, 2014, the full amount of unused borrowing capacity under the VM Credit Facility was available to be borrowed.
The debt instruments of our subsidiaries contain restricted payment tests that limit the amount that can be loaned or distributed
to other Virgin Media subsidiaries and ultimately to Virgin Media. At June 30, 2014, the availability to be loaned or
distributed by VMIH was limited to £259.1 million. When the relevant June 30, 2014 compliance reporting requirements