Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows: June 30, 2020 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent June 30, 2020 December 31, 2019 in millions Telenet Credit Facility (c) 2.21 % € 555.0 $ 624.0 $ 3,543.0 $ 3,541.4 Telenet Senior Secured Notes 4.74 % — — 1,607.1 1,673.7 UPCB SPE Notes 3.80 % — — 1,281.8 2,420.1 UPC Holding Bank Facility (d) 2.46 % € 500.0 562.2 1,149.7 — UPC Holding Senior Notes 4.60 % — — 1,203.1 1,202.3 Vendor financing (e)(f) 2.54 % — — 1,358.7 1,374.3 ITV Collar Loan 0.90 % — — 1,339.9 1,435.5 Virgin Media debt — (f) (f) (f) 15,693.5 Other (f)(g) 5.59 % — — 294.2 307.3 Total debt before deferred financing costs, discounts and premiums (h) 2.97 % $ 1,186.2 $ 11,777.5 $ 27,648.1 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, 2020 December 31, 2019 in millions Total debt before deferred financing costs, discounts and premiums $ 11,777.5 $ 27,648.1 Deferred financing costs, discounts and premiums, net (48.3 ) (82.7 ) Total carrying amount of debt 11,729.2 27,565.4 Finance lease obligations (f) (note 10) 514.4 617.1 Total debt and finance lease obligations 12,243.6 28,182.5 Current maturities of debt and finance lease obligations (1,867.7 ) (3,877.2 ) Long-term debt and finance lease obligations $ 10,375.9 $ 24,305.3 _______________ (a) Represents the weighted average interest rate in effect at June 30, 2020 for all borrowings outstanding (excluding those of the U.K. JV Entities ) 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 3.31% at June 30, 2020 . For information regarding our derivative instruments, see note 6 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2020 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2020 , 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, 2020 compliance reporting requirements, we expect the full amount of unused borrowing capacity will continue to be available under each of the respective subsidiary facilities, with no additional restriction to loan or distribute. 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, 2020 , or the impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. (c) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €510.0 million ( $573.4 million ) under the Telenet Revolving Facility I (as defined below), (ii) €25.0 million ( $28.1 million ) under the Telenet Overdraft Facility and (iii) €20.0 million ( $22.5 million ) under the Telenet Revolving Facility , each of which were undrawn at June 30, 2020 . During 2020, Telenet Facility AG and Telenet Facility AP were cancelled in full and replaced with a single revolving facility, which bears interest at a rate of EURIBOR + 2.25% , is subject to a EURIBOR floor of 0.0% and has a final maturity date of May 31, 2026 (the Telenet Revolving Facility I ). (d) Unused borrowing capacity under the UPC Holding Bank Facility relates to €500.0 million ( $562.2 million ) of borrowing capacity under the UPC Revolving Facility (as defined below), which was undrawn at June 30, 2020 . During 2020, as a result of the sale of certain entities within the UPC Holding borrowing group in prior years, and an associated reduction in the outstanding debt and Covenant EBITDA (as defined and described in the related debt agreement) of the remaining UPC Holding borrowing group, UPC Facility AM was cancelled in full and replaced with a new revolving facility, which bears interest at a rate of EURIBOR + 2.50% and has a final maturity date of May 31, 2026 (the UPC Revolving Facility ). (e) 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 also financed under these arrangements. 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. (f) In connection with the pending formation of the U.K. JV , the outstanding third-party debt of the U.K. JV Entities has been classified as liabilities associated with assets held for sale on our June 30, 2020 condensed consolidated balance sheet. For information regarding the pending formation of the U.K. JV and the held-for-sale presentation of the U.K. JV Entities , see note 4 . (g) As of June 30, 2020 and December 31, 2019 , amounts include principal borrowings outstanding under the Lionsgate Loan of $55.3 million in each of the respective periods. (h) As of June 30, 2020 and December 31, 2019 , our debt had an estimated fair value of $11.6 billion (excluding the U.K. JV Entities ) and $28.4 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, 2020 , most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise UPC Holding , Telenet and Virgin Media , include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of certain financing transactions completed during the first six months of 2020 . A portion of our financing transactions may include non-cash borrowings and repayments. During the six months ended June 30, 2020 and 2019 , non-cash borrowings and repayments aggregated $3.5 billion and nil , 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. Telenet Financing Transactions In January 2020, Telenet entered into (i) a $2,295.0 million term loan facility ( Telenet Facility AR ) and (ii) a €1,110.0 million ( $1,248.0 million ) term loan facility ( Telenet Facility AQ ). Telenet Facility AR was issued at 99.75% of par, matures on April 30, 2028 and bears interest at a rate of LIBOR + 2.0% , subject to a LIBOR floor of 0.0% . Telenet Facility AQ was issued at par, matures on April 30, 2029 and bears interest at a rate of EURIBOR + 2.25% , subject to a EURIBOR floor of 0.0% . The net proceeds from Telenet Facility AR and Telenet Facility AQ , together with existing cash, were used to prepay in full (a) the $2,295.0 million outstanding principal amount under Telenet Facility AN and (b) the €1,110.0 million outstanding principal amount under Telenet Facility AO . In connection with these transactions, Telenet recognized a net loss on debt extinguishment of $18.9 million related to the write-off of unamortized deferred financing costs, discounts and premiums. UPC Holding Financing Transactions In January 2020, UPC Holding entered into (i) a $700.0 million term loan facility ( UPC Facility AT ) and (ii) a €400.0 million ( $449.7 million ) term loan facility ( UPC Facility AU ). UPC Facility AT was issued at 99.75% of par, matures on April 30, 2028 and bears interest at a rate of LIBOR + 2.25% , subject to a LIBOR floor of 0.0% . UPC Facility AU was issued at 99.875% of par, matures on April 30, 2029 and bears interest at a rate of EURIBOR + 2.50% , subject to a EURIBOR floor of 0.0% . The net proceeds from UPC Facility AT and UPC Facility AU were used to prepay in full the $1,140.0 million outstanding principal amount under UPC Facility AL , together with accrued and unpaid interest and the related prepayment premiums, which was owed to UPCB Finance IV and, in turn, UPCB Finance IV used such proceeds to redeem in full the $1,140.0 million outstanding principal amount of UPCB Finance IV Dollar Notes . In connection with this transaction, UPC Holding recognized a loss on debt extinguishment of $35.6 million related to (a) the payment of $30.7 million of redemption premiums and (b) the write-off of $4.9 million of unamortized deferred financing costs and discounts. Virgin Media Financing Transactions In connection with the pending formation of the U.K. JV , the outstanding third-party debt of Virgin Media and certain of its subsidiaries has been classified as liabilities associated with assets held for sale on our June 30, 2020 condensed consolidated balance sheet. For information regarding the pending formation of the U.K. JV and the held-for-sale presentation of the U.K. JV Entities , see note 4 . In May 2020, Virgin Media Trade Receivables Financing plc, a third-party special purpose financing entity, was created for the purpose of facilitating the offering of certain notes. These notes are collateralized by certain trade receivables of Virgin Media , creating a variable interest in which Virgin Media is the primary beneficiary and, accordingly, Virgin Media , and ultimately Liberty Global , are required to consolidate Virgin Media Trade Receivables Financing plc. The offering of these notes resulted in net proceeds of £214.4 million ( $265.4 million ) (the May 2020 Proceeds ). In June 2020, Virgin Media completed various financing transactions, as further described below. Senior Notes Transactions. Virgin Media issued $675.0 million principal amount of U.S. dollar-denominated senior notes (the 2030 VM Dollar Senior Notes ). The 2030 VM Dollar Senior Notes were issued at par, mature on July 15, 2030 and bear interest at a rate of 5.0% . The net proceeds from the issuance of these notes, together with the May 2020 Proceeds , were used to redeem in full (i) €460.0 million ( $517.2 million ) outstanding principal amount of 2025 VM Euro Senior Notes and (ii) $388.7 million outstanding principal amount of 2025 VM Dollar Senior Notes. Virgin Media then issued (a) an additional $250.0 million principal amount of 2030 VM Dollar Senior Notes at 101% of par and (b) €500.0 million ( $562.2 million ) principal amount of euro-denominated senior notes (the 2030 VM Euro Senior Notes ). The 2030 VM Euro Senior Notes were issued at par, mature on July 15, 2030 and bear interest at a rate of 3.75% . The net proceeds from the issuance of these notes were used (1) to redeem in full (A) $497.0 million outstanding principal amount of 2024 VM Dollar Senior Notes, (B) $71.6 million outstanding principal amount of 2022 VM 4.875% Dollar Senior Notes, (C) $51.5 million outstanding principal amount of 2022 VM 5.25% Dollar Senior Notes and (D) £44.1 million ( $54.6 million ) outstanding principal amount of 2022 VM Sterling Senior Notes and (2) for general corporate purposes. In connection with these transactions, Virgin Media recognized a net loss on debt extinguishment of $57.5 million related to (I) the payment of $50.8 million of redemption premiums and (II) the write-off of $6.7 million of unamortized deferred financing costs, discounts and premiums. Senior Secured Notes Transactions. Virgin Media issued (i) $650.0 million principal amount of U.S. dollar-denominated senior secured notes (the 2030 VM Dollar Senior Secured Notes ) and (ii) £450.0 million ( $557.1 million ) principal amount of sterling-denominated senior secured notes (the 2030 VM 4.125% Sterling Senior Secured Notes ). The 2030 VM Dollar Senior Secured Notes and 2030 VM 4.125% Sterling Senior Secured Notes were each issued at par, mature on August 15, 2030 and bear interest at a rate of 4.5% and 4.125% , respectively. The net proceeds from the issuance of these notes, together with existing cash, were used to (a) redeem in full £525.0 million ( $649.9 million ) outstanding principal amount of 2027 VM 4.875% Sterling Senior Secured Notes, (b) redeem in full £360.0 million ( $445.7 million ) outstanding principal amount of 2029 VM 6.25% Sterling Senior Secured Notes and (c) redeem £80.0 million ( $99.0 million ) of the £521.3 million ( $645.3 million ) outstanding principal amount of 2025 VM Sterling Senior Secured Notes. In connection with these transactions, Virgin Media recognized a net loss on debt extinguishment of $65.7 million related to (1) the payment of $64.7 million of redemption premiums and (2) the write-off of $1.0 million of unamortized deferred financing costs, discounts and premiums. Vendor Financing Notes Transactions. Virgin Media Vendor Financing Notes III Designated Activity Company ( Virgin Media Financing III Company ) and Virgin Media Vendor Financing Notes IV Designated Activity Company ( Virgin Media Financing IV Company , and together with Virgin Media Financing III Company , the 2020 VM Financing Companies ) were created for the purpose of issuing certain vendor financing notes. The 2020 VM Financing Companies are third-party special purpose financing entities that are not consolidated by Virgin Media or Liberty Global . Virgin Media Financing III Company issued (i) £500.0 million ( $619.0 million ) principal amount of 4.875% vendor financing notes at par and (ii) £400.0 million ( $495.2 million ) principal amount of 4.875% vendor financing notes at 99.5% of par, each due July 15, 2028 (together, the VM Vendor Financing III Notes ). Virgin Media Financing IV Company issued $500.0 million principal amount of 5.0% vendor financing notes due July 15, 2028 at par (the VM Vendor Financing IV Notes , and together with the VM Vendor Financing III Notes , the June 2020 Vendor Financing Notes ). The net proceeds from the June 2020 Vendor Financing Notes were used by the 2020 VM Financing Companies to purchase certain vendor-financed receivables owed by Virgin Media and its subsidiaries from previously-existing third-party special purpose financing entities (the Original VM Financing Companies ) and various other third parties. As a result, Virgin Media paid $42.0 million of redemption premiums, which are included in losses on debt extinguishment, net, in our condensed consolidated statements of operations. To the extent that the proceeds from the June 2020 Vendor Financing Notes exceed the amount of vendor-financed receivables available to be purchased from the Original VM Financing Companies , and various other third parties, the excess proceeds are used to fund excess cash facilities under certain credit facilities of Virgin Media . As additional vendor financed receivables become available for purchase, the 2020 VM Financing Companies can request that Virgin Media repay any amounts available under these excess cash facilities. Maturities of Debt Maturities of our debt as of June 30, 2020 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on June 30, 2020 exchange rates. As a result of the held-for-sale presentation of the U.K. JV Entities on our June 30, 2020 condensed consolidated balance sheet, the amounts presented below do not include maturities of the debt obligations of these entities. For information regarding the held-for-sale presentation of the U.K. JV Entities , see note 4 . UPC Holding (a) Telenet Other (b) Total in millions Year ending December 31: 2020 (remainder of year) $ 387.4 $ 254.4 $ 260.3 $ 902.1 2021 221.4 174.8 1,015.9 1,412.1 2022 — 12.4 380.5 392.9 2023 — 12.1 152.4 164.5 2024 — 12.1 14.7 26.8 2025 — 12.3 0.6 12.9 Thereafter 3,634.6 5,231.6 — 8,866.2 Total debt maturities (c) 4,243.4 5,709.7 1,824.4 11,777.5 Deferred financing costs, discounts and premiums, net (21.0 ) (17.7 ) (9.6 ) (48.3 ) Total debt $ 4,222.4 $ 5,692.0 $ 1,814.8 $ 11,729.2 Current portion $ 608.8 $ 427.9 $ 769.2 $ 1,805.9 Noncurrent portion $ 3,613.6 $ 5,264.1 $ 1,045.6 $ 9,923.3 _______________ (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 $1,339.9 million related to the ITV Collar Loan . The ITV Collar Loan has maturity dates ranging from 2020 to 2022 consistent with the ITV Collar (see notes 5 and 6 ). We may elect to use cash or the collective value of the related shares and equity-related derivative instrument to settle the ITV Collar Loan . (c) Amounts include vendor financing obligations of $1,358.7 million , as set forth below: UPC Holding Telenet Other Total in millions Year ending December 31: 2020 (remainder of year) $ 387.4 $ 253.4 $ 75.7 $ 716.5 2021 221.4 162.0 105.2 488.6 2022 — — 80.7 80.7 2023 — — 57.6 57.6 2024 — — 14.7 14.7 2025 — — 0.6 0.6 Total vendor financing maturities $ 608.8 $ 415.4 $ 334.5 $ 1,358.7 Current portion $ 608.8 $ 415.4 $ 136.0 $ 1,160.2 Noncurrent portion $ — $ — $ 198.5 $ 198.5 |