Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows: June 30, 2019 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent June 30, 2019 December 31, 2018 in millions VM Senior Secured Notes 5.39 % — $ — $ 6,613.5 $ 6,268.3 VM Credit Facilities (c) 4.69 % (d) 856.9 4,696.2 4,600.5 VM Senior Notes 5.34 % — — 1,587.3 1,999.9 Telenet Credit Facility 3.92 % (e) 573.6 3,137.1 3,145.7 Telenet Senior Secured Notes 4.69 % — — 1,681.5 1,687.1 Telenet SPE Notes 4.88 % — — 541.8 546.2 UPCB SPE Notes (f) 4.54 % — — 2,434.9 2,445.5 UPC Holding Bank Facility (f) (g) 4.89 % € 990.1 1,124.6 1,645.0 1,645.0 UPC Holding Senior Notes (f) 4.59 % — — 1,210.0 1,215.5 Vendor financing (f) (h) 4.10 % — — 3,631.8 3,620.3 ITV Collar Loan 0.90 % — — 1,374.1 1,379.6 Derivative-related debt instruments (i) 3.45 % — — 278.8 301.9 Other (j) 5.11 % — — 570.0 459.8 Total debt before deferred financing costs, discounts and premiums (k) 4.54 % $ 2,555.1 $ 29,402.0 $ 29,315.3 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: June 30, 2019 December 31, 2018 in millions Total debt before deferred financing costs, discounts and premiums $ 29,402.0 $ 29,315.3 Deferred financing costs, discounts and premiums, net (118.2 ) (131.4 ) Total carrying amount of debt 29,283.8 29,183.9 Finance lease obligations (note 10) 632.3 621.3 Total debt and finance lease obligations 29,916.1 29,805.2 Current maturities of debt and finance lease obligations (3,680.5 ) (3,615.2 ) Long-term debt and finance lease obligations $ 26,235.6 $ 26,190.0 _______________ (a) Represents the weighted average interest rate in effect at June 30, 2019 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 4.13% at June 30, 2019 . For information regarding our derivative instruments, see note 6 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2019 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2019 , based on the most restrictive 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 most restrictive 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. Upon completion of the relevant June 30, 2019 compliance reporting requirements, we expect the full amount of unused borrowing capacity will continue to be available under each of the respective subsidiary facilities and there will be no restrictions with respect to loans or distributions from this availability, with the exception of the UPC Holding Bank Facility, which will have borrowing capacity limited to €730.9 million ( $830.2 million ). Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to June 30, 2019 . (c) Amounts include £121.0 million ( $153.6 million ) and £41.9 million ( $53.2 million ) at June 30, 2019 and December 31, 2018 , respectively, of borrowings pursuant to excess cash facilities under the VM Credit Facilities . These borrowings are owed to certain non-consolidated special purpose financing entities that have issued notes to finance the purchase of receivables due from Virgin Media to certain other third parties for amounts that Virgin Media and its subsidiaries have vendor financed. To the extent the proceeds from these notes exceed the amount of vendor financed receivables available to be purchased, the excess proceeds are used to fund these excess cash facilities. (d) Unused borrowing capacity under the VM Credit Facilities primarily relates to multi-currency revolving facilities with an aggregate maximum borrowing capacity equivalent to £675.0 million ( $856.9 million ). As of June 30, 2019 , the VM Revolving Facility comprises (i) VM Revolving Facility A, which is a multi-currency revolving facility maturing on December 31, 2021 with a maximum borrowing capacity equivalent to £50.0 million ( $63.5 million ), and (ii) VM Revolving Facility B, which is a multi-currency revolving facility maturing on January 15, 2024 with a maximum borrowing capacity equivalent to £625.0 million ( $793.4 million ). (e) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ( $454.3 million ) under Telenet Facility AG, (ii) €60.0 million ( $68.2 million ) under Telenet Facility AP, which was entered into in May 2019, (iii) €25.0 million ( $28.4 million ) under the Telenet Overdraft Facility and (iv) €20.0 million ( $22.7 million ) under the Telenet Revolving Facility, each of which were undrawn at June 30, 2019 . (f) On February 27, 2019, we entered into an agreement to sell UPC Switzerland to Sunrise . Sunrise will acquire UPC Switzerland inclusive of certain debt held by the UPC Holding borrowing group. (g) In August 2019, we used a portion of the net proceeds from the sale of the Vodafone Disposal Group to prepay in full the $1,645.0 million outstanding principal amount on a U.S. dollar-denominated term loan facility under the UPC Holding Bank Facility . (h) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and 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 finance lease obligations in our condensed consolidated statements of cash flows. (i) Includes amounts associated with certain derivative-related borrowing instruments, including $225.6 million and $248.6 million at June 30, 2019 and December 31, 2018 , respectively, carried at fair value. These instruments mature at various dates through January 2025 . For information regarding fair value hierarchies, see note 7 . (j) Amounts include $231.7 million and $225.9 million at June 30, 2019 and December 31, 2018 , respectively, of debt collateralized by certain trade receivables of Virgin Media . (k) As of June 30, 2019 and December 31, 2018 , our debt had an estimated fair value of $30.0 billion and $28.5 billion , respectively. 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 7 . Financing Transactions - General Information At June 30, 2019 , most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise Virgin Media , UPC Holding and Telenet , include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of certain financing transactions completed during the first six months of 2019 . A portion of our financing transactions may include non-cash borrowings and repayments. During the six months ended June 30, 2019 and 2018 , non-cash borrowings and repayments aggregated nil and $2,453.1 million , respectively. Unless otherwise noted, the terms and conditions of any new notes and/or credit facilities are largely consistent with those of existing notes and credit facilities of the corresponding borrowing group with regard to covenants, events of default and change of control provisions, among other items. For information regarding the general terms and conditions of our debt and capitalized terms not defined herein, see note 11 to the consolidated financial statements included in our 10-K . Virgin Media Financing Transactions In May 2019 , Virgin Media issued (i) $825.0 million principal amount of U.S. dollar-denominated senior secured notes and (ii) £300.0 million ( $380.9 million ) principal amount of sterling-denominated senior secured notes. The net proceeds from the issuance of these notes were used to redeem (a) $354.5 million outstanding principal amount of U.S. dollar-denominated senior secured notes under the VM Senior Secured Notes, (b) £387.0 million ( $491.3 million ) outstanding principal amount of sterling-denominated senior secured notes under the VM Senior Secured Notes and (c) £300.0 million outstanding principal amount of sterling-denominated senior notes under the VM Senior Notes. In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment of $48.0 million related to (1) the payment of $43.7 million of redemption premiums and (2) the write-off of $4.3 million of unamortized deferred financing costs and discounts. In July 2019, Virgin Media issued $600.0 million principal amount of U.S. dollar-denominated senior secured notes. The net proceeds from the issuance of these notes were used to redeem (i) $447.9 million outstanding principal amount of U.S. dollar-denominated senior secured notes and (ii) £107.1 million ( $136.0 million ) outstanding principal amount of sterling-denominated senior secured notes, each of which are under the VM Senior Secured Notes. Telenet Financing Transactions In July 2019, Telenet prepaid €106.0 million ( $120.4 million ) of outstanding principal amount on a euro-denominated term loan facility under the Telenet Credit Facility, together with accrued and unpaid interest and the related prepayment premiums, which was owed to the applicable Telenet SPE and, in turn, the Telenet SPE used such proceeds to redeem €106.0 million outstanding principal amount of euro-denominated notes under the Telenet SPE Notes. This transaction was funded using existing cash and the temporary draw-down of a euro-denominated revolving credit facility under the Telenet Credit Facility. Maturities of Debt Maturities of our debt as of June 30, 2019 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts represent U.S. dollar equivalents based on June 30, 2019 exchange rates: Virgin Media UPC Telenet (b) Other Total in millions Year ending December 31: 2019 (remainder of year) $ 1,479.9 $ 367.7 $ 324.6 $ 44.2 $ 2,216.4 2020 914.8 289.1 181.3 223.5 1,608.7 2021 1,319.2 29.6 13.0 969.9 2,331.7 2022 307.5 29.4 12.5 334.0 683.4 2023 183.8 24.2 12.2 9.1 229.3 2024 732.1 1.2 12.2 — 745.5 Thereafter 10,853.7 5,289.9 5,443.4 — 21,587.0 Total debt maturities 15,791.0 6,031.1 5,999.2 1,580.7 29,402.0 Deferred financing costs, discounts and premiums, net (32.5 ) (37.1 ) (33.0 ) (15.6 ) (118.2 ) Total debt $ 15,758.5 $ 5,994.0 $ 5,966.2 $ 1,565.1 $ 29,283.8 Current portion $ 2,385.8 $ 652.7 $ 500.0 $ 62.5 $ 3,601.0 Noncurrent portion $ 13,372.7 $ 5,341.3 $ 5,466.2 $ 1,502.6 $ 25,682.8 _______________ (a) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global . (b) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Telenet and Liberty Global . |