| Debt and Capital Lease Obligations | Debt and Capital Lease Obligations The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2017 Estimated fair value (c) Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent December 31, December 31, 2017 2016 2017 2016 in millions VM Notes 5.54 % — $ — $ 9,987.4 $ 9,311.0 $ 9,565.7 $ 9,041.0 VM Credit Facilities 3.77 % (d) 912.9 4,681.5 4,531.5 4,676.2 4,505.5 Unitymedia Notes 4.74 % — — 5,773.3 7,679.7 5,465.2 7,419.3 Unitymedia Credit Facilities 3.38 % € 500.0 601.1 2,698.4 — 2,696.8 — UPCB SPE Notes 4.50 % — — 2,638.8 1,783.7 2,582.6 1,772.8 UPC Holding Bank Facility 3.69 % € 990.1 1,190.3 2,576.4 2,811.9 2,576.1 2,782.8 UPC Holding Senior Notes 4.56 % — — 1,272.5 1,569.8 1,313.4 1,451.5 Telenet Credit Facility (e) 3.48 % € 445.0 535.0 2,188.9 3,210.0 2,177.6 3,187.5 Telenet Senior Secured Notes 4.66 % — — 1,724.4 — 1,721.3 — Telenet SPE Notes 5.48 % — — 1,014.4 1,383.9 937.7 1,297.3 Vendor financing (f) 3.80 % — — 4,039.7 2,284.5 4,039.7 2,284.5 ITV Collar Loan (g) 0.71 % — — 1,445.8 1,323.7 1,463.8 1,336.2 Sumitomo Share Loan (h) 0.95 % — — 621.7 215.5 621.7 215.5 Derivative-related debt instruments (i) 3.40 % — — 612.4 450.7 592.5 426.3 Sumitomo Collar Loan (g) 1.88 % — — 170.3 499.7 169.1 488.2 Other (j) 5.54 % — — 413.4 343.2 418.2 349.0 Total debt before deferred financing costs, discounts and premiums 4.27 % $ 3,239.3 $ 41,859.3 $ 37,398.8 $ 41,017.6 $ 36,557.4 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and capital lease obligations: December 31, 2017 2016 in millions Total debt before deferred financing costs, discounts and premiums $ 41,017.6 $ 36,557.4 Deferred financing costs, discounts and premiums, net (223.2 ) (267.7 ) Total carrying amount of debt 40,794.4 36,289.7 Capital lease obligations (k) 1,420.5 1,221.1 Total debt and capital lease obligations 42,214.9 37,510.8 Current maturities of debt and capital lease obligations (4,165.4 ) (2,624.3 ) Long-term debt and capital lease obligations $ 38,049.5 $ 34,886.5 _______________ (a) Represents the weighted average interest rate in effect at December 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 deferred financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 4.18% at December 31, 2017 . For information regarding our derivative instruments, see note 7 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2017 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 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 based on the applicable leverage-based restricted payment tests, 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, we present (i) for each subsidiary where the ability to borrow is limited, 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. We had no restrictions on our subsidiaries’ ability to borrow at December 31, 2017 or upon completion of the relevant December 31, 2017 compliance reporting requirements. The amounts presented below assume no changes from December 31, 2017 borrowing levels and are based on the applicable leverage-based restricted payment tests and covenant and other limitations in effect for each borrowing group at December 31, 2017 , both before and after considering the impact of the completion of the December 31, 2017 compliance requirements. December 31, 2017 Upon completion of relevant December 31, 2017 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Limitation on availability to be loaned or distributed by: Unitymedia € 255.9 $ 307.6 € 473.1 $ 568.8 (c) The estimated fair values of our debt instruments are generally 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 8 . (d) Unused borrowing capacity under the VM Revolving Facility (as defined and described under VM Credit Facilities below) relates to a multi-currency revolving facility with maximum borrowing capacity equivalent to £675.0 million ( $912.9 million ). (e) In connection with the June 19, 2017 closing of the SFR BeLux Acquisition , Telenet borrowed (i) the full €120.0 million ( $144.3 million ) amount under Telenet Facility Z and (ii) €90.0 million ( $108.2 million ) of the total €400.0 million ( $480.9 million ) amount under Telenet Facility AG . At December 31, 2017, all outstanding balances under Telenet Facility Z and Telenet Facility AG were repaid and the commitments under Telenet Facility Z were cancelled. For further information regarding the SFR BeLux Acquisition , see note 4 . (f) 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 consolidated statements of cash flows. (g) For information regarding the ITV Collar Loan and the Sumitomo Collar Loan , see note 7 . (h) The Sumitomo Share Loan is carried at fair value. For information regarding fair value hierarchies, see note 8 . (i) Represents amounts associated with certain derivative-related borrowing instruments, including $344.0 million and $128.9 million at at December 31, 2017 and 2016 , respectively, carried at fair value. For information regarding fair value hierarchies, see note 8 . (j) Amounts include $160.9 million and $116.0 million at December 31, 2017 and 2016 , respectively, of debt collateralized by certain trade receivables of Virgin Media . For information regarding fair value hierarchies, see note 8 . (k) The U.S. dollar equivalents of our consolidated capital lease obligations are as follows: December 31, 2017 2016 in millions Unitymedia (1) $ 722.4 $ 657.0 Telenet (2) 456.1 374.0 UPC Holding 95.7 33.4 Virgin Media 79.1 91.2 Other subsidiaries 67.2 65.5 Total $ 1,420.5 $ 1,221.1 _______________ (1) Primarily represents Unitymedia ’s obligations under duct network lease agreements with Telekom Deutschland GmbH ( Telekom Deutschland ), an operating subsidiary of Deutsche Telekom AG, as the lessor. The original contracts were concluded in 2000 and 2001 and have indefinite terms, subject to certain mandatory statutory termination rights for either party after a term of 30 years . With certain limited exceptions, the lessor generally is not entitled to terminate these leases. For information regarding litigation involving these duct network lease agreements, see note 17 . (2) At December 31, 2017 and 2016 , Telenet ’s capital lease obligations included €361.8 million ( $435.0 million ) and €341.2 million ( $410.2 million ), respectively, associated with Telenet ’s lease of the broadband communications network of the four associations of municipalities in Belgium, which we refer to as the pure intercommunalues or the “ PICs .” All capital expenditures associated with the PICs network are initiated by Telenet , but are executed and financed by the PICs through additions to this lease that are repaid over a 15 -year term. These amounts do not include Telenet ’s commitment related to certain operating costs associated with the PICs network. For additional information regarding this commitment, see note 17 . General Information At December 31, 2017 , most of our outstanding debt had been incurred by one of our four subsidiary “borrowing groups.” References to these borrowing groups, which comprise Virgin Media , Unitymedia , UPC Holding and Telenet , include their respective restricted parent and subsidiary entities. Credit Facilities. Each of our borrowing groups has entered into one or more credit facility agreements with certain financial institutions. Each of these credit facilities contain certain covenants, the more notable of which are as follows: • Our credit facilities contain certain consolidated net leverage ratios, as specified in the relevant credit facility, which are required to be complied with (i) on an incurrence basis and/or (ii) when the associated revolving credit facilities have been drawn beyond a specified percentage of the total available revolving credit commitments, on a maintenance basis; • Subject to certain customary and agreed exceptions, our credit facilities contain certain restrictions which, among other things, restrict the ability of the members of the relevant borrowing group to, (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to their direct and/or indirect parent companies (and indirectly to Liberty Global ) through dividends, loans or other distributions; • Our credit facilities require that certain members of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such group members are required to grant first-ranking security over their shares or, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder; • In addition to certain mandatory prepayment events, our credit facilities provide that either the instructing group of lenders or each individual lender under the relevant credit facility, as applicable, under certain circumstances, may cancel the group’s or the applicable lender’s commitments thereunder and declare the applicable loan(s) thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility); • Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions, materiality qualifications and cure rights, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) declare that all or part of the loans be payable on demand and/or (iii) accelerate all outstanding loans and terminate their commitments thereunder; • Our credit facilities require members of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and • In addition to customary default provisions, our credit facilities generally include certain cross-default and cross-acceleration provisions with respect to other indebtedness of members of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions. Senior and Senior Secured Notes. Certain of our borrowing groups have issued senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future senior debt of such issuer and are senior to all existing and future subordinated debt of such issuer within the relevant borrowing group, (ii) contain, in most instances, certain guarantees from other members of the relevant borrowing group (as specified in the applicable indenture) and (iii) with respect to our senior secured notes, are secured by certain pledges or liens over the assets and/or shares of certain members of the relevant borrowing group. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows: • Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal prior to expiration of any applicable grace period, or any acceleration with respect to other indebtedness of the issuer or certain subsidiaries, over agreed minimum thresholds (as specified under the applicable indenture), is an event of default under the respective notes; • Subject to certain customary and agreed exceptions, our notes contain certain restrictions that, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to its direct and/or indirect parent companies (and indirectly to Liberty Global ) through dividends, loans or other distributions; • If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must, subject to certain customary and agreed exceptions, offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101% ; and • Our senior secured notes contain certain early redemption provisions including, for certain senior secured notes, the ability to, during each 12 -month period commencing on the issue date for such notes until the applicable call date, redeem up to 10% of the principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes to be redeemed plus accrued and unpaid interest. SPE Notes . From time to time, we create special purpose financing entities ( SPEs ), which are 100% owned by third parties, for the primary purpose of facilitating the offering of senior and senior secured notes, which we collectively refer to as the “ SPE Notes .” In this regard, SPE Notes have been issued, and are outstanding at December 31, 2017 , by UPCB Finance IV Limited ( UPCB Finance IV ) and UPCB Finance VII Limited ( UPCB Finance VII ), collectively the “ UPCB SPEs ”, and Telenet Finance V Luxembourg S.C.A. ( Telenet Finance V ) and Telenet Finance VI Luxembourg S.C.A. ( Telenet Finance VI ), collectively the " Telenet SPE s ." The SPEs used the proceeds from the issuance of SPE Notes to fund term loan facilities under their respective borrowing group (as further described below), each a “ Funded Facility ” and collectively the “ Funded Facilities .” Each SPE is dependent on payments from the relevant borrowing entity under the applicable Funded Facility in order to service its payment obligations under each respective SPE Note . Although none of the respective borrowing entities under the Funded Facilities have any equity or voting interest in any of the relevant SPEs , each of the Funded Facility term loans creates a variable interest in the respective SPE for which the relevant borrowing entity is the primary beneficiary. As such, each borrowing entity under the relevant Funded Facility and its parent entities, including Liberty Global , are required to consolidate the relevant SPEs . As a result, the amounts outstanding under the Funded Facilities are eliminated in the respective borrowing group’s and Liberty Global ’s consolidated financial statements. Pursuant to the respective indentures for the SPE Notes (the SPE Indentures ) and the respective accession agreements for the Funded Facilities , the call provisions, maturity and applicable interest rate for each Funded Facility are the same as those of the related SPE Notes . The SPEs , as lenders under the relevant credit facility for each respective borrowing group, are treated the same as the other lenders under the respective credit facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable SPE Indentures and the applicable security interests over (i) all of the issued shares of the relevant SPE and (ii) the relevant SPE ’s rights under the applicable Funded Facility granted to secure the relevant SPE ’s obligations under the relevant SPE Notes , the holders of the SPE Notes are provided indirectly with the benefits, rights, protections and covenants granted to the SPEs as lenders under the respective credit facility. The SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions under the SPE Indentures . VM Notes The details of the outstanding notes of Virgin Media as of December 31, 2017 are summarized in the following table: Original issue amount Outstanding principal Estimated Carrying VM Notes Maturity Interest Borrowing U.S. $ in millions VM Senior Notes: 2022 VM Senior Notes: 2022 VM 4.875% Dollar Senior Notes February 15, 2022 4.875% $ 118.7 $ 118.7 $ 118.7 $ 117.5 $ 119.2 2022 VM 5.25% Dollar Senior Notes February 15, 2022 5.250% $ 95.0 $ 95.0 95.0 93.1 95.4 2022 VM Sterling Senior Notes February 15, 2022 5.125% £ 44.1 £ 44.1 59.6 60.0 59.9 2023 VM Senior Notes: 2023 VM Dollar Senior Notes April 15, 2023 6.375% $ 530.0 $ 530.0 530.0 549.3 524.2 2023 VM Sterling Senior Notes April 15, 2023 7.000% £ 250.0 £ 250.0 338.1 355.4 334.4 2024 VM Senior Notes: 2024 VM Dollar Senior Notes October 15, 2024 6.000% $ 500.0 $ 500.0 500.0 514.4 496.0 2024 VM Sterling Senior Notes October 15, 2024 6.375% £ 300.0 £ 300.0 405.6 435.9 403.2 2025 VM Senior Notes: 2025 VM Dollar Senior Notes January 15, 2025 5.750% $ 400.0 $ 400.0 400.0 406.4 396.8 2025 VM Euro Senior Notes January 15, 2025 4.500% € 460.0 € 460.0 553.0 579.2 547.6 VM Senior Secured Notes: January 2021 VM Senior Secured Notes: January 2021 VM Sterling Senior Secured Notes January 15, 2021 5.500% £ 628.4 £ 107.1 144.8 162.4 144.4 January 2021 VM Dollar Senior Secured Notes January 15, 2021 5.250% $ 447.9 $ 447.9 447.9 472.7 454.0 2025 VM Senior Secured Notes: 2025 VM 6.0% Sterling Senior Secured Notes (b) January 15, 2025 6.000% £ 521.3 £ 521.3 705.1 808.0 711.1 2025 VM 5.5% Sterling Senior Secured Notes January 15, 2025 5.500% £ 430.0 £ 387.0 523.4 544.5 521.5 2025 VM 5.125% Sterling Senior Secured Notes January 15, 2025 5.125% £ 300.0 £ 300.0 405.6 423.9 402.5 2025 VM Dollar Senior Secured Notes January 15, 2025 5.500% $ 425.0 $ 425.0 425.0 437.9 423.5 2026 VM Senior Secured Notes: 2026 VM 5.25% Dollar Senior Secured Notes January 15, 2026 5.250% $ 1,000.0 $ 1,000.0 1,000.0 1,019.7 1,001.9 2026 VM 5.5% Dollar Senior Secured Notes August 15, 2026 5.500% $ 750.0 $ 750.0 750.0 770.8 743.6 2027 Senior Secured Notes: 2027 VM 4.875% Sterling Senior Secured Notes January 15, 2027 4.875% £ 525.0 £ 525.0 710.0 725.0 707.5 2027 VM 5.0% Sterling Senior Secured Notes April 15, 2027 5.000% £ 675.0 £ 675.0 912.9 929.5 907.7 2029 VM Sterling Senior Secured Notes March 28, 2029 6.250% £ 400.0 £ 400.0 541.0 581.8 542.0 Total $ 9,565.7 $ 9,987.4 $ 9,536.4 _______________ (a) Amounts include the impact of premiums, including amounts recorded in connection with the acquisition accounting for Virgin Media , discounts and deferred financing costs, where applicable. (b) Interest on the 2025 VM 6.0% Sterling Senior Secured Notes initially accrues at a rate of 6.0% up to January 15, 2021 and at a rate of 11.0% thereafter. In light of these terms, the maturity table included at the end of this note assumes that the 2025 VM 6.0% Sterling Senior Secured Notes will be repaid in 2021. Subject to the circumstances described below, the VM Notes are non-callable prior to the applicable call date ( VM Call Date ) as presented in the below table. At any time prior to the respective VM Call Date , Virgin Media may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable VM Call Date using the discount rate (as specified in the applicable indenture) as of the redemption date plus 50 basis points ( 25 basis points in the case of the January 2021 VM Senior Secured Notes ). VM Notes VM Call Date 2022 VM Senior Notes (a) 2023 VM Senior Notes April 15, 2018 2024 VM Senior Notes October 15, 2019 2025 VM Senior Notes January 15, 2020 January 2021 VM Senior Secured Notes (a) 2025 VM 6.0% Sterling Senior Secured Notes January 15, 2021 2025 VM 5.5% Sterling Senior Secured Notes January 15, 2019 2025 VM 5.125% Sterling Senior Secured Notes January 15, 2020 2025 VM Dollar Senior Secured Notes January 15, 2019 2026 VM 5.25% Dollar Senior Secured Notes January 15, 2020 2026 VM 5.5% Dollar Senior Secured Notes August 15, 2021 2027 VM 4.875% Sterling Senior Secured Notes January 15, 2021 2027 VM 5.0% Sterling Senior Secured Notes April 15, 2022 2029 VM Sterling Senior Secured Notes January 15, 2021 _______________ (a) The 2022 VM Senior Notes and the January 2021 VM Senior Secured Notes are non-callable. At any time prior to maturity, some or all of these notes may be redeemed by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the respective maturity date. Virgin Media may redeem some or all of the VM Senior Notes and the VM Senior Secured Notes (with the exception of the 2022 VM Senior Notes and the January 2021 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 applicable indenture), if any, to the applicable redemption date, as set forth below: Redemption price 2023 VM Dollar Senior Notes 2023 VM Sterling Senior Notes 2024 VM Dollar Senior Notes 2024 VM Sterling Senior Notes 2025 VM Dollar Senior Notes 2025 VM Euro Senior Notes 2025 VM 6.0% Sterling Senior Secured Notes 12-month period commencing April 15 April 15 October 15 October 15 January 15 January 15 January 15 2018 103.188% 103.500% N.A. N.A. N.A N.A N.A 2019 102.125% 102.333% 103.000% 103.188% N.A N.A N.A 2020 101.063% 101.167% 102.000% 102.125% 102.875% 102.250% N.A 2021 100.000% 100.000% 101.000% 101.063% 101.917% 101.500% 105.000% 2022 100.000% 100.000% 100.000% 100.000% 100.958% 100.750% 102.500% 2023 N.A. N.A. 100.000% 100.000% 100.000% 100.000% 100.000% 2024 N.A. N.A. N.A. N.A. 100.000% 100.000% 100.000% 2025 and thereafter N.A. N.A. N.A. N.A. N.A N.A N.A Redemption price 2025 VM 5.5% Sterling Senior Secured Notes 2025 VM 5.125% Sterling Senior Secured Notes 2025 VM Dollar Senior Secured Notes 2026 VM 5.25% Dollar Senior Secured Notes 2026 VM 5.5% Dollar Senior Secured Notes 2027 VM 4.875% Sterling Senior Secured Notes 2027 VM 5.0% Sterling Senior Secured Notes 2029 VM Sterling Senior Secured Notes 12-month period commencing January 15 January 15 January 15 January 15 August 15 January 15 April 15 January 15 2018 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2019 102.750% N.A. 102.750% N.A. N.A. N.A. N.A. N.A. 2020 101.833% 102.563% 101.833% 102.625% N.A. N.A. N.A. N.A. 2021 100.000% 101.708% 100.000% 101.313% 102.750% 102.438% N.A. 103.125% 2022 100.000% 100.854% 100.000% 100.656% 101.375% 101.219% 102.500% 102.083% 2023 100.000% 100.000% 100.000% 100.000% 100.688% 100.609% 101.250% 101.042% 2024 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.625% 100.000% 2025 and thereafter N.A. N.A. N.A. 100.000% 100.000% 100.000% 100.000% 100.000% VM Credit Facilities The VM Credit Facilities are the senior and senior secured credit facilities of certain subsidiaries of Virgin Media . The details of our borrowings under the VM Credit Facilities as of December 31, 2017 are summarized in the following table: VM Credit Facilities Maturity Interest rate Facility amount (in borrowing currency) Outstanding principal amount Unused borrowing capacity Carrying value (a) in millions Senior Secured Facilities: K (b) January 15, 2026 LIBOR + 2.50% $ 3,400.0 $ 3,400.0 $ — $ 3,373.2 L (b) January 15, 2027 LIBOR +3.25% £ 400.0 541.0 — 535.7 M (b) November 15, 2027 LIBOR +3.25% £ 500.0 676.2 — 667.1 VM Revolving Facility (c) December 31, 2021 LIBOR + 2.75% (d) — 912.9 — Total Senior Secured Facilities 4,617.2 912.9 4,576.0 Senior Facility: VM Financing Facility (e) September 15, 2024 5.55% — 59.0 — 59.0 Total $ 4,676.2 $ 912.9 $ 4,635.0 _______________ (a) Amounts are net of discounts and deferred financing costs, where applicable. (b) VM Facility K , VM Facility L and VM Facility M are each subject to a LIBOR floor of 0.0% . (c) The VM Revolving Facility has a fee on unused commitments of 1.1% per year. (d) The VM Revolving Facility is a multi-currency revolving facility with a maximum borrowing capacity equivalent to £675.0 million ( $912.9 million ). (e) Virgin Media Receivables Financing Notes I Designated Activity Company ( Virgin Media Receivables Financing Company ), a third-party special purpose financing entity that is not consolidated by Virgin Media or Liberty Global, issues, from time to time, certain notes (the VM Receivables Financing Notes ). The net proceeds from the VM Receivables Financing Notes are used to purchase certain vendor financed receivables of Virgin Media and its subsidiaries from various third parties. To the extent that the proceeds from the VM Receivables Financing Notes exceed the amount of vendor financed receivables available to be purchased, the excess proceeds are used to fund an excess cash facility (the VM Financing Facility ) under a new credit facility of Virgin Media . Virgin Media Receivables Financing Company can request the VM Financing Facility be repaid by Virgin Media as additional vendor financed receivables become available for purchase. Virgin Media - 2017 Refinancing Transactions In January 2017, Virgin Media issued the 2027 VM 5.0% Sterling Senior Secured Notes . The net proceeds from the 2027 VM 5.0% Sterling Senior Secured Notes were used to redeem in full the £640.0 million ( $865.6 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 premiums and (ii) the write-off of $7.3 million of unamortized discount and deferred financing costs. In February 2017, Virgin Media launched an offer (the Exchange Offer ) to exchange the January 2021 VM Sterling Senior Secured Notes for the 2025 VM 6.0% Sterling Senior Secured Notes . The Exchange Offer was consummated on March 21, 2017 and £521.3 million ( $705.1 million ) aggregate principal amount of the January 2021 VM Sterling Senior Secured Notes was exchanged for £521.3 million aggregate principal amount of the 2025 VM 6.0% Sterling Senior Secured Notes . The January 2021 VM Sterling Senior Secured Notes were exchanged for the 2025 VM 6.0% 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 premiums and (ii) the payment of $1.3 million of third-party costs. In February 2017, Virgin Media entered into a new £865.0 million ( $1,169.9 million ) term loan facility ( VM Facility J ). The net proceeds from VM Facility J were used to prepay in full the £849.4 million ( $1,148.8 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 related to the write-off of unamortized discounts and deferred financing costs. In November 2017, Virgin Media entered into (i) VM Facility K , (ii) VM Facility L and (iii) VM Facility M . The net proceeds from VM Facility K , VM Facility L and VM Facility M were used to prepay in full (a) the $3,400.0 million outstanding principal amount under VM Facility I and (b) the £865.0 million ( $1,169.9 million ) principal amount under VM Facility J . In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment, net, of $30.9 million related to the write-off of unamortized discounts and deferred financing costs. Virgin Media - 2016 and 2015 Refinancing Transactions During 2016 and 2015 , Virgin Media completed a number of refinancing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, Virgin Media recognized losses on debt modification and extinguishment, net, of $78.4 million and $44.3 million , respectively. These losses include (i) the payment of redemption premiums of $52.6 million and $10.7 million , respectively, (ii) the write-off of unamortized discounts and deferred financing costs of $25.8 million and $32.8 million , respectively, and (iii) the payment of third-party costs of $0.8 million in 2015. Unitymedia Notes The details of the Unitymedia Notes as of December 31, 2017 are summarized in the following table: Original issue amount Outstanding principal amount Unitymedia Notes Maturity Interest rate Borrowing currency U.S. $ equivalent Estimated fair value Carrying value (a) in millions UM Senior Notes: 2025 UM Senior Notes January 15, 2025 6.125 % $ 900.0 $ 900.0 $ 900.0 $ 952.8 $ 895.7 2027 UM Senior Notes January 15, 2027 3.750 % € 700.0 € 700.0 841.5 861.0 835.6 UM Senior Secured Notes: April 2023 UM Senior Secured Notes April 15, 2023 5.625 % € 350.0 € 245.0 294.5 306.8 292.9 2025 UM Senior Secured Notes: 2025 UM Euro Senior Secured Notes January 15, 2025 4.000 % € 1,000.0 € 1,000.0 1,202.2 1,274.7 1,196.3 2025 UM Dollar Senior Secured Notes January 15, 2025 5.000 % $ 550.0 $ 550.0 550.0 566.3 547.3 2026 UM Senior Secured Notes February 15, 2026 4.625 % € 420.0 € 420.0 504.9 545.4 503.0 2027 UM Senior Secured Notes January 15, 2027 3.500 % € 500.0 € 500.0 601.1 622.6 596.1 2029 UM Senior Secured Notes January 15, 2029 6.250 % € 475.0 € 475.0 571.0 643.7 563.9 Total $ 5,465.2 $ 5,773.3 $ 5,430.8 _______________ (a) Amounts are net of discounts and deferred financing costs, where applicable. Subject to the circumstances described below, the Unitymedia Notes are non-callable prior to the applicable call date ( UM Call Date ) as presented in the below table. At any time prior to the respective UM Call Date , Unitymedia may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable UM Call Date using the discount rate (as specified in the applicable indenture) as of the redemption date plus 50 basis points . Unitymedia Notes UM Call Date 2025 UM Senior Notes January 15, 2020 2027 UM Senior Notes January 15, 2021 April 2023 UM Senior Secured Notes April 15, 2018 2025 UM Senior Secured Notes January 15, 2020 2026 UM Senior Secured Notes February 15, 2021 2027 UM Senior Secured Notes January 15, 2021 2029 UM Senior Secured Notes January 15, 2021 Unitymedia may redeem some or all of the Unitymedia 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 applicable indenture), if any, to the applicable redemption d |
