Debt and Capital Lease Obligations | Debt and Capital Lease Obligations The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2017 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Estimated fair value (c) Borrowing currency U.S. $ equivalent March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 in millions Liberty Global Group: VM Notes 5.54 % — $ — $ 9,552.5 $ 9,311.0 $ 9,160.0 $ 9,041.0 VM Credit Facilities 3.72 % (d) 846.6 4,535.7 4,531.5 4,516.4 4,505.5 Unitymedia Notes 5.00 % — — 7,844.9 7,679.7 7,489.9 7,419.3 Unitymedia Revolving Credit Facilities — € 500.0 534.9 — — — — UPC Broadband Holding Bank Facility 3.51 % € 990.1 1,059.2 2,803.5 2,811.9 2,791.8 2,782.8 UPCB SPE Notes 4.88 % — — 1,807.7 1,783.7 1,781.8 1,772.8 UPC Holding Senior Notes 6.59 % — — 1,574.1 1,569.8 1,473.2 1,451.5 Telenet Credit Facility 3.56 % € 545.0 583.0 3,215.7 3,210.0 3,211.5 3,187.5 Telenet SPE Notes 5.76 % — — 1,411.7 1,383.9 1,315.7 1,297.3 Vendor financing (e) 3.70 % — — 2,312.1 2,284.5 2,312.1 2,284.5 ITV Collar Loan 1.35 % — — 1,347.2 1,323.7 1,357.5 1,336.2 Derivative-related debt instruments (f) 3.61 % — — 797.6 450.7 741.7 426.3 Sumitomo Collar Loan 1.88 % — — 521.2 499.7 511.6 488.2 Other (g) 3.71 % — — 608.8 558.7 614.5 564.5 Total Liberty Global Group 4.52 % 3,023.7 38,332.7 37,398.8 37,277.7 36,557.4 LiLAC Group: CWC Notes 7.31 % — — 2,346.6 2,319.6 2,184.0 2,181.1 CWC Credit Facilities 5.09 % $ 756.5 756.5 1,499.3 1,427.9 1,486.9 1,411.9 VTR Finance Senior Secured Notes 6.88 % — — 1,463.9 1,463.9 1,400.0 1,400.0 VTR Credit Facility — (h) 226.6 — — — — Liberty Puerto Rico Bank Facility 5.14 % $ 40.0 40.0 939.5 935.2 942.5 942.5 Vendor financing (e) 5.03 % — — 55.8 48.9 55.8 48.9 Total LiLAC Group 6.31 % 1,023.1 6,305.1 6,195.5 6,069.2 5,984.4 Total debt before unamortized premiums, discounts and deferred financing costs 4.77 % $ 4,046.8 $ 44,637.8 $ 43,594.3 $ 43,346.9 $ 42,541.8 The following table provides a reconciliation of total debt before unamortized premiums, discounts and deferred financing costs to total debt and capital lease obligations: March 31, 2017 December 31, 2016 in millions Total debt before unamortized premiums, discounts and deferred financing costs $ 43,346.9 $ 42,541.8 Unamortized premiums, net of discounts 37.5 44.5 Unamortized deferred financing costs (278.2 ) (270.4 ) Total carrying amount of debt 43,106.2 42,315.9 Capital lease obligations (i) 1,261.3 1,242.8 Total debt and capital lease obligations 44,367.5 43,558.7 Current maturities of debt and capital lease obligations (2,967.5 ) (2,775.1 ) Long-term debt and capital lease obligations $ 41,400.0 $ 40,783.6 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2017 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 derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or 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 4.91% (including 4.62% for the Liberty Global Group and 6.63% for the LiLAC Group ) at March 31, 2017 . For information regarding our derivative instruments, see note 5 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2017 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2017 , based on the applicable leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and there were no restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders, except as shown in the table below. In the following table, for each facility that is subject to limitations on borrowing availability, we present (i) the actual borrowing availability under the respective facility and (ii) for each subsidiary where the ability to make loans or distributions from this availability is limited, the amount that can be loaned or distributed to Liberty Global or its subsidiaries or other equity holders. The amounts presented below assume no changes from March 31, 2017 borrowing levels and are based on the applicable covenant and other limitations in effect within each borrowing group at March 31, 2017 , both before and after considering the impact of the completion of the March 31, 2017 compliance requirements. For information regarding certain refinancing transactions completed subsequent to March 31, 2017 that could have an impact on unused borrowing capacity and/or the availability to be borrowed, loaned or distributed, see note 16 . Limitation on availability March 31, 2017 Upon completion of relevant March 31, 2017 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Limitation on availability to be borrowed under: CWC Credit Facilities (1) $ 612.5 $ 612.5 $ 612.5 $ 612.5 Limitation on availability to be loaned or distributed by: Virgin Media £ 675.0 $ 846.6 £ 618.8 $ 776.1 Unitymedia € 218.2 $ 233.4 € 225.4 $ 241.1 _______________ (1) The limitation on availability under the CWC Credit Facilities reflects letters of credit issued in connection with certain pension obligations. (c) The estimated fair values of our debt instruments are determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 6 . (d) Unused borrowing capacity under the VM Credit Facilities relates to a multi-currency revolving facility with maximum borrowing capacity equivalent to £675.0 million ( $846.6 million ). (e) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and, to a lesser extent, certain of our operating expenses. These obligations are generally due within one year and include VAT that was paid on our behalf by the vendor. Repayments of vendor financing obligations are included in repayments and repurchases of debt and capital lease obligations in our condensed consolidated statements of cash flows. (f) Represents amounts associated with certain derivative-related borrowing instruments, including $393.9 million carried at fair value. For information regarding fair value hierarchies, see note 6 . (g) The March 31, 2017 balance includes (i) $245.9 million associated with the Sumitomo Share Loan , which is carried at fair value, and (ii) $131.7 million of debt collateralized by certain trade receivables of Virgin Media . For information regarding fair value hierarchies, see note 6 . (h) The VTR Credit Facility is the senior secured credit facility of VTR and certain of its subsidiaries and comprises a $160.0 million facility and a CLP 44.0 billion ( $66.6 million ) facility, each of which were undrawn at March 31, 2017 . (i) The U.S. dollar equivalents of our consolidated capital lease obligations are as follows: March 31, 2017 December 31, 2016 in millions Liberty Global Group: Unitymedia $ 661.6 $ 657.0 Telenet 387.1 374.0 Virgin Media 84.1 91.2 Other subsidiaries 107.8 98.9 Total Liberty Global Group 1,240.6 1,221.1 LiLAC Group: CWC 20.0 20.8 VTR 0.6 0.7 Liberty Puerto Rico 0.1 0.2 Total LiLAC Group 20.7 21.7 Total capital lease obligations $ 1,261.3 $ 1,242.8 Refinancing Transactions - General Information We have completed various refinancing transactions during the first three months of 2017 . Unless otherwise noted, the terms and conditions of the notes and credit facilities entered into are largely consistent with those of our existing notes and credit facilities with regard to covenants, events of default and change of control provisions, among other items. For information concerning the general terms and conditions of our debt, see note 10 to the consolidated financial statements included in our 10-K . Virgin Media Refinancing Transactions In January 2017, Virgin Media Secured Finance PLC ( Virgin Media Secured Finance ), a wholly-owned subsidiary of Virgin Media , issued £675.0 million ( $846.6 million ) principal amount of 5.0% senior secured notes due April 15, 2027 (the April 2027 VM Senior Secured Notes ). The net proceeds from the April 2027 VM Senior Secured Notes were used to redeem in full the £640.0 million ( $802.7 million ) outstanding principal amount under the April 2021 VM Sterling Senior Secured Notes . In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment, net, of $39.9 million . This loss includes (i) the payment of $32.6 million of redemption premium and (ii) the write-off of $7.3 million of deferred financing costs. Subject to the circumstances described below, the April 2027 VM Senior Secured Notes are non-callable until April 15, 2022. At any time prior to April 15, 2022, Virgin Media Secured Finance may redeem some or all of the April 2027 VM Senior Secured Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to April 15, 2022 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points . Virgin Media Secured Finance may redeem some or all of the April 2027 VM Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption price 12-month period commencing April 15: 2022 102.500% 2023 101.250% 2024 100.625% 2025 and thereafter 100.000% In February 2017, Virgin Media SFA Finance Limited, a wholly-owned subsidiary of Virgin Media , entered into a new £865.0 million ( $1,084.9 million ) term loan facility ( VM Facility J ). VM Facility J matures on January 31, 2026, bears interest at a rate of LIBOR + 3.50% and is subject to a LIBOR floor of 0.0% . The net proceeds from VM Facility J were used to prepay in full the £849.4 million ( $1,065.3 million ) outstanding principal amount under VM Facility E . In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment, net, of $2.4 million . This loss includes (i) the write-off of $2.0 million of deferred financing costs and (ii) the write-off of $0.4 million of unamortized discount. In February 2017, Virgin Media Secured Finance launched an offer (the Exchange Offer ) to exchange the January 2021 VM Sterling Senior Secured Notes for new senior secured notes due January 15, 2025 (the 2025 VM Sterling Senior Secured Notes ). The Exchange Offer was consummated on March 21, 2017 and £521.3 million ( $653.8 million ) aggregate principal amount of the January 2021 VM Sterling Senior Secured Notes were exchanged for £521.3 million ( $653.8 million ) aggregate principal amount of the 2025 VM Sterling Senior Secured Notes . Interest on the 2025 VM Sterling Senior Secured Notes will initially accrue at a rate of 6.0% up to January 15, 2021 and at a rate of 11.0% thereafter. The January 2021 VM Sterling Senior Secured Notes were exchanged for the 2025 VM Sterling Senior Secured Notes in a non-cash transaction, other than the payment of accrued and unpaid interest on the exchanged January 2021 VM Sterling Senior Secured Notes . In connection with these transactions, Virgin Media recognized a gain on debt modification and extinguishment, net, of $5.7 million . This gain includes (i) the write-off of $7.0 million of unamortized premium and (ii) the payment of $1.3 million of third-party costs. Subject to the circumstances described below, the 2025 VM Sterling Senior Secured Notes are non-callable until January 15, 2021. At any time prior to January 15, 2021, Virgin Media Secured Finance may redeem some or all of the 2025 VM Sterling Senior Secured Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to January 15, 2021 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points . Virgin Media Secured Finance may redeem some or all of the 2025 VM Sterling Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption price 12-month period commencing January 15: 2021 105.000% 2022 102.500% 2023 and thereafter 100.000% UPC Broadband Holding Refinancing Transaction In February 2017, UPC Financing Partnership, a wholly-owned subsidiary of UPC Holding , entered into a new $2,150.0 million term loan facility ( UPC Facility AP ). UPC Facility AP was issued at 99.75% of par, matures on April 15, 2025, bears interest at a rate of LIBOR + 2.75% and is subject to a LIBOR floor of 0.0% . The net proceeds from UPC Facility AP , in conjunction with existing cash, were used to prepay in full the $2,150.0 million outstanding principal amount under UPC Facility AN . In connection with these transactions, UPC Broadband Holding B.V. ( UPC Broadband Holding ) recognized a loss on debt modification and extinguishment, net, of $8.9 million . This loss includes (i) the write-off of $5.8 million of deferred financing costs and (ii) the write-off of $3.1 million of unamortized discount. For information regarding a refinancing transaction completed by a subsidiary of Telenet subsequent to March 31, 2017, see note 16 . Maturities of Debt and Capital Lease Obligations Maturities of our debt and capital lease obligations as of March 31, 2017 are presented below ( U.S. dollar equivalents based on March 31, 2017 exchange rates) for the named entity and its subsidiaries, unless otherwise noted: Debt: Liberty Global Group Virgin Media Unitymedia UPC Telenet (b) Other Total Liberty Global Group in millions Year ending December 31: 2017 (remainder of year) $ 908.4 $ 228.0 $ 690.8 $ 73.2 $ 540.0 $ 2,440.4 2018 156.0 34.8 161.7 20.7 1,120.8 1,494.0 2019 108.8 7.7 1.2 18.1 307.9 443.7 2020 78.0 7.3 2.7 12.0 27.6 127.6 2021 626.2 6.9 4.2 10.6 245.9 893.8 2022 395.3 569.8 642.9 492.2 27.6 2,127.8 Thereafter 12,909.0 7,271.1 5,405.0 4,119.7 — 29,704.8 Total debt maturities 15,181.7 8,125.6 6,908.5 4,746.5 2,269.8 37,232.1 Unamortized premiums (discounts), net 8.7 — (11.8 ) — (34.0 ) (37.1 ) Unamortized deferred financing costs (115.1 ) (49.5 ) (32.9 ) (38.6 ) (1.0 ) (237.1 ) Total debt $ 15,075.3 $ 8,076.1 $ 6,863.8 $ 4,707.9 $ 2,234.8 $ 36,957.9 Current portion $ 1,068.6 $ 261.9 $ 851.6 $ 86.0 $ 430.9 $ 2,699.0 Noncurrent portion $ 14,006.7 $ 7,814.2 $ 6,012.2 $ 4,621.9 $ 1,803.9 $ 34,258.9 LiLAC Group Total Liberty Global Group CWC VTR Liberty Puerto Rico Total LiLAC Group Total Liberty Global in millions Year ending December 31: 2017 (remainder of year) $ 2,440.4 $ 51.3 $ 55.8 $ — $ 107.1 $ 2,547.5 2018 1,494.0 55.1 — — 55.1 1,549.1 2019 443.7 247.6 — — 247.6 691.3 2020 127.6 38.7 — — 38.7 166.3 2021 893.8 1,384.3 — — 1,384.3 2,278.1 2022 2,127.8 1,874.3 — 765.0 2,639.3 4,767.1 Thereafter 29,704.8 19.6 1,400.0 177.5 1,597.1 31,301.9 Total debt maturities 37,232.1 3,670.9 1,455.8 942.5 6,069.2 43,301.3 Unamortized premiums (discounts), net (37.1 ) 81.7 — (7.1 ) 74.6 37.5 Unamortized deferred financing costs (237.1 ) (9.5 ) (24.1 ) (7.5 ) (41.1 ) (278.2 ) Total debt $ 36,957.9 $ 3,743.1 $ 1,431.7 $ 927.9 $ 6,102.7 $ 43,060.6 Current portion $ 2,699.0 $ 82.5 $ 55.8 $ — $ 138.3 $ 2,837.3 Noncurrent portion $ 34,258.9 $ 3,660.6 $ 1,375.9 $ 927.9 $ 5,964.4 $ 40,223.3 _______________ (a) Amounts include certain senior and senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global . (b) Amounts include certain senior and senior secured notes issued by special purpose financing entities that are consolidated by Telenet and Liberty Global . Capital lease obligations: Liberty Global Group Unitymedia Telenet Virgin Media Other Total Liberty Global Group Total LiLAC Group Total in millions Year ending December 31: 2017 (remainder of year) $ 59.7 $ 54.5 $ 26.9 $ 23.7 $ 164.8 $ 5.4 $ 170.2 2018 79.3 65.2 15.5 24.6 184.6 12.7 197.3 2019 78.8 56.1 7.5 18.3 160.7 2.2 162.9 2020 78.5 53.1 4.7 12.9 149.2 1.3 150.5 2021 78.4 51.1 4.4 10.1 144.0 0.1 144.1 2022 78.4 52.7 3.8 6.3 141.2 — 141.2 Thereafter 618.6 182.0 168.1 33.6 1,002.3 — 1,002.3 Total principal and interest payments 1,071.7 514.7 230.9 129.5 1,946.8 21.7 1,968.5 Amounts representing interest (410.1 ) (127.6 ) (146.8 ) (21.7 ) (706.2 ) (1.0 ) (707.2 ) Present value of net minimum lease payments $ 661.6 $ 387.1 $ 84.1 $ 107.8 $ 1,240.6 $ 20.7 $ 1,261.3 Current portion $ 29.6 $ 44.8 $ 27.1 $ 21.9 $ 123.4 $ 6.8 $ 130.2 Noncurrent portion $ 632.0 $ 342.3 $ 57.0 $ 85.9 $ 1,117.2 $ 13.9 $ 1,131.1 Non-cash Financing Transactions During the three months ended March 31, 2017 and 2016 , certain of our refinancing transactions included non-cash borrowings and repayments of debt aggregating $2,800.5 million and $113.8 million |