Debt and Capital Lease Obligations | Debt and Finance Lease Obligations The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2019 Estimated fair value (c) Principal Amount Weighted Unused borrowing capacity (b) Borrowing Currency US $ equivalent December 31, December 31, 2019 2018 2019 2018 in millions Convertible Notes (d) 2.00 % $ — $ — $ 430.1 $ — $ 402.5 $ — C&W Notes 6.81 % — — 2,270.9 1,724.7 2,120.0 1,781.6 C&W Credit Facilities 4.91 % $ 728.2 728.2 2,017.1 2,135.6 2,006.1 2,193.6 VTR Finance Senior Notes 6.88 % — — 1,290.9 1,265.0 1,260.0 1,260.0 VTR Credit Facilities 6.15 % (e) 244.9 229.7 245.7 231.4 250.7 LPR Senior Secured Notes 6.75 % — — 1,278.3 — 1,200.0 — LPR Credit Facilities 6.76 % $ 125.0 125.0 1,012.1 905.4 1,000.0 942.5 Cabletica Credit Facilities 9.84 % (f) 15.0 123.8 122.2 124.8 124.7 Vendor financing (g) 4.27 % — — 167.7 157.6 167.7 157.6 Total debt before premiums, discounts and deferred financing costs 6.11 % $ 1,113.1 $ 8,820.6 $ 6,556.2 $ 8,512.5 $ 6,710.7 The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations: December 31, 2019 2018 in millions Total debt before premiums, discounts and deferred financing costs $ 8,512.5 $ 6,710.7 Premiums, discounts and deferred financing costs, net (d) (146.1 ) (41.5 ) Total carrying amount of debt 8,366.4 6,669.2 Finance lease obligations 3.6 12.9 Total debt and finance lease obligations 8,370.0 6,682.1 Less: Current maturities of debt and finance lease obligations (180.2 ) (302.5 ) Long-term debt and finance lease obligations $ 8,189.8 $ 6,379.6 (a) Represents the weighted average interest rate in effect at December 31, 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. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2019 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 2019 , the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the December 31, 2019 compliance reporting requirements. At December 31, 2019 , there were no restrictions on the respective subsidiary’s ability to make loans or distributions from this availability to Liberty Latin America or its subsidiaries or other equity holders. (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) The interest rate reflects the stated rate of the Convertible Notes . The effective interest rate of the Convertible Notes is 6.7% , which considers the impact of the discount recorded in connection with the Conversion Option , as further described below. (e) The VTR Credit Facilities comprise certain CLP term loans and U.S. dollar and CLP revolving credit facilities, including unused borrowing capacity. For further information, see VTR Credit Facilities below. (f) The Cabletica Credit Facilities comprise certain Costa Rican colón ( CRC ) and U.S. dollar term loans and a U.S. dollar revolving credit facility. For further information, see Cabletica Credit Facilities below. (g) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that was paid on our behalf by the vendor. Our operating expenses include $130 million , $172 million and $83 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, that were financed by an intermediary and are reflected on the borrowing date as a hypothetical cash outflow within net cash provided by operating activities and a hypothetical cash inflow within net cash provided by financing activities in our consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our consolidated statements of cash flows. General Information At December 31, 2019 , except for our Convertible Notes (as defined and described below), all of our outstanding debt had been incurred by one of our four primary “borrowing groups”: C&W , VTR Finance , Liberty Puerto Rico and Cabletica . 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 net leverage ratios, as specified in the relevant credit facility, which are required to be complied with on an incurrence and/or maintenance basis; • Our credit facilities contain certain restrictions which, among other things, restrict the ability of the entities 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, in each case, subject to certain customary and agreed exceptions, and (iv) make certain restricted payments to their direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants; • Our credit facilities require that certain entities of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such entities are required to have first-ranking security granted over their shares and, 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, the instructing group of lenders under the relevant credit facility may cancel the commitments thereunder and declare the loans 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 and materiality qualifications, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) accelerate all outstanding loans and terminate their commitments thereunder and/or (iii) declare that all or part of the loans be payable on demand; • Our credit facilities require entities 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 entities of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions. Senior and Senior Secured Notes. Our C&W , VTR Finance and Liberty Puerto Rico 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 debt of such issuer and, in the case of our senior secured notes, are senior to all existing and future subordinated debt of each respective issuer within the relevant borrowing group, (ii) contain, in most instances, guarantees from other entities of the relevant borrowing group (as specified in the applicable indenture) and (iii) are secured by pledges over the shares of certain entities of the relevant borrowing group and, in certain instances, over substantially all of the assets of those entities. 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 other members of the relevant borrowing group, over agreed minimum thresholds (as specified under the applicable indenture), is an event of default under the respective notes; • Our notes contain certain restrictions that, among other things, restrict the ability of the entities 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, in each case, subject to certain customary and agreed exceptions and (iv) make certain restricted payments to its direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants; and • If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must 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% . Liberty Latin America – Convertible Notes In June 2019, Liberty Latin America issued $403 million principal amount of 2.0% convertible senior notes (the Convertible Notes ) due July 15, 2024 . Interest on the Convertible Notes is payable semi-annually on January 15 and July 15, beginning on January 15, 2020. The Convertible Notes are general unsecured obligations of the Company and are structurally subordinated to all the debt and other liabilities of our subsidiaries. Conversion Rights. Subject to certain conditions, and adjustments if certain events occur (as specified in the indenture governing the Convertible Notes ), the Convertible Notes may be converted at a conversion rate initially equal to 44.9767 Class C common shares per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $22.23 per Class C common share), the “ Conversion Option ”. Any conversions of the Convertible Notes may be settled, at the election of the Company , in cash, Class C common shares or a combination thereof. The Convertible Notes may be converted at the option of the holders at any time prior to the close of business on January 12, 2024, only under the following circumstances: • during any calendar quarter commencing after September 30, 2019 (and only during such calendar quarter), if the last reported sale price of our Class C common shares for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the Convertible Notes on each applicable trading day; • during the five consecutive business day period immediately after any five consecutive trading day period (the “measurement period”), in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of our Class C common shares and the conversion rate on each such trading day; • if we give notice of redemption, as described below; or • upon the occurrence of specified corporate transactions. On and after January 15, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert their notes at any time, regardless of the foregoing circumstances. We determined the Conversion Option should be bifurcated from the debt host instrument (the Convertible Notes ) and accounted for as a separate financial instrument that qualifies for equity classification. Accordingly, we bifurcated the Conversion Option from the Convertible Notes and initially recorded the estimated fair value of $78 million as additional paid-in capital and debt discount. The debt discount will be accreted through interest expense, using the effective interest method, through maturity of the Convertible Notes or when the Conversion Option no longer qualifies for equity classification, if ever. At December 31, 2019 , the carrying value of the Convertible Notes was $327 million and the unamortized debt discount on the Convertible Notes was $72 million . Redemption Rights. Other than a redemption for a change in certain tax laws, we may not redeem the Convertible Notes prior to July 19, 2022. On or after July 19, 2022 but prior to the 85 th scheduled trading day immediately preceding July 15, 2024 , we may redeem all or a portion of the notes for cash, if the last reported sale price of our Class C common shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption and (ii) the trading day immediately preceding the date we provide such notice . Other. If a fundamental change (as defined in the indenture) occurs, holders of the Convertible Notes may require the Company to repurchase all or a portion of their notes for cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate transactions that occur prior to the maturity date of the Convertible Notes or the delivery of a notice of redemption, we will increase the applicable conversion rate for a holder who elects to convert in connection with such corporate transactions or notice of redemption in certain circumstances by a number of additional Class C common shares, as described in the related indenture. We used a portion of the net proceeds from the issuance of the Convertible Notes to fund the cost of the Capped Calls , as defined and further described in note 13 , and expect to use the remaining funds for other general corporate purposes, which may include funding a portion of the AT&T Acquisition . C&W Notes The details of the outstanding C&W Notes as of December 31, 2019 are summarized in the following table: Outstanding principal amount C&W Notes Maturity Interest Borrowing U.S. $ equivalent Estimated Carrying in millions Senior Secured Notes: 2027 C&W Senior Secured Notes September 7, 2027 5.750 % $ 400.0 $ 400.0 $ 422.6 $ 392.1 Senior Notes: 2026 C&W Senior Notes October 15, 2026 7.500 % $ 500.0 500.0 542.5 493.9 2027 C&W Senior Notes September 15, 2027 6.875 % $ 1,220.0 1,220.0 1,305.8 1,216.6 Total $ 2,120.0 $ 2,270.9 $ 2,102.6 (a) Amounts are inclusive or net of original issue premiums, discounts and deferred financing costs, as applicable. Financing and Refinancing Transactions C&W Senior Financing Designated Activity Company ( C&W Senior Financing ) was a special purpose financing entity, created for the primary purpose of facilitating certain debt offerings. C&W was required to consolidate C&W Senior Financing as a result of the variable interests created by debt issued by C&W Senior Financing to C&W , for which C&W was considered the primary beneficiary. C&W Senior Financing was dependent upon payments from C&W in order to service its payment obligations under the 2026 C&W Senior Notes and 2027 C&W Senior Notes , as further described below. 2027 C&W Senior Secured Notes . In April 2019, Sable issued $400 million principal amount of 5.750% senior secured notes, at 99.195% of par, due September 7, 2027 (the 2027 C&W Senior Secured Notes ). Interest on the 2027 C&W Senior Secured Notes is payable semi-annually on January 7 and July 7. The net proceeds from the 2027 C&W Senior Secured Notes were primarily used to (i) redeem $150 million of aggregate principal amount under the 2022 C&W Senior Notes , as further described below, according to the redemption terms of the indenture, comprising (a) the 105.156% redemption price and (b) accrued and unpaid interest on the redeemed notes, and (ii) repay $235 million of aggregate principal amount under the C&W Term Loan B-4 Facility . In connection with this transaction, we recognized a net loss on debt modification and extinguishment of $6 million , which primarily includes the net effect of redemption premiums paid and the write-off of unamortized premiums and discounts. 2027 C&W Senior Notes . In August 2017, C&W Senior Financing issued the 2027 C&W Senior Notes . Interest on the 2027 C&W Senior Notes is payable semi-annually on January 15 and July 15. C&W Senior Financing used the proceeds from the 2027 C&W Senior Notes issuance to fund a new term loan (the 2027 C&W Financing Loan ) with Sable , as the borrower and certain other C&W subsidiaries as guarantors. The call provisions, maturity and applicable interest rate for the 2027 C&W Financing Loan are the same as those for the 2027 C&W Senior Notes . C&W Senior Financing ’s obligations under the 2027 C&W Senior Notes are secured by interests over (i) certain of C&W Senior Financing ’s bank accounts and (ii) C&W Senior Financing ’s rights under the 2027 C&W Financing Loan . The net proceeds from the C&W Term Loan B-3 Facility Add-on (as defined and described below) and the 2027 C&W Financing Loan were used (i) to redeem in full $1,250 million outstanding principal amount of senior notes, issued by Columbus prior to the Columbus Acquisition , and (ii) for general corporate purposes. In connection with these transactions, we recognized a net loss on debt modification and extinguishment of $24 million , which includes the net effect of redemption premiums paid and the write-off of unamortized premiums. 2027 C&W Senior Notes Add-on A . In April 2019, C&W Senior Financing issued an additional $300 million aggregate principal amount, at 99.205% of par, under the existing 2027 C&W Senior Notes indenture (the 2027 C&W Senior Notes Add-on A ). The net proceeds from the 2027 C&W Senior Notes Add-on A were primarily used to (i) repay in full the $170 million outstanding principal amount under the C&W Revolving Credit Facility and (ii) redeem $115 million of aggregate principal amount of the 2022 C&W Senior Notes according to the redemption terms of the related indenture, comprising (a) a 105.156% redemption price and (b) accrued and unpaid interest on the redeemed notes. In connection with this transaction, we recognized a net loss on debt modification and extinguishment of $4 million , which includes the net effect of redemption premiums paid and the write-off of unamortized premiums. 2027 C&W Senior Notes Add-on B . In July 2019, C&W Senior Financing issued an additional $220 million aggregate principal amount, at 103.625% of par, under the existing 2027 C&W Senior Notes indenture (the 2027 C&W Senior Notes Add-on B ). The net proceeds from the 2027 C&W Senior Notes Add-on B were primarily used to redeem the remaining aggregate principal amount of the 2022 C&W Senior Notes of $210 million according to the redemption terms of the related indenture, comprising (a) a 103.438% redemption price and (b) accrued and unpaid interest on the redeemed notes. In connection with this transaction, we recognized a net loss on debt modification and extinguishment of $4 million , which primarily includes the net effect of redemption premiums paid and the write-off of unamortized premiums. 2026 C&W Senior Notes . In October 2018 , C&W Senior Financing issued the 2026 C&W Senior Notes . Interest on the 2026 C&W Senior Notes is payable semi-annually on April 15 and October 15. C&W Senior Financing used the proceeds from the 2026 C&W Senior Notes issuance to fund a new term loan (the 2026 C&W Financing Loan ) with Sable as borrower and together with certain other C&W subsidiaries as guarantors. The call provisions, maturity and applicable interest rate for the 2026 C&W Financing Loan are the same as those for the 2026 C&W Senior Notes . C&W Senior Financing ’s obligations under the 2026 C&W Senior Notes are secured by interests over (i) certain of C&W Senior Financing ’s bank accounts and (ii) C&W Senior Financing ’s rights under the 2026 C&W Financing Loan . The net proceeds from the 2026 C&W Financing Loan were partially used to (i) repurchase £63 million ( $80 million , at the applicable rate) of outstanding principal under the 2019 C&W Senior Notes , as further described below, and (ii) redeem $275 million of outstanding principal under the 2022 C&W Senior Notes . In connection with these transactions, we recognized a net loss on debt modification and extinguishment of $13 million , which primarily includes the net effect of redemption premiums paid, the write-off of unamortized premiums, discounts and deferred financing costs and the payment of third-party costs. Redemption Rights. Subject to the circumstances described below: • The 2026 C&W Senior Notes , 2027 C&W Senior Notes and 2027 C&W Senior Secured Notes are non-callable until October 15, 2021 , September 15, 2022 and September 7, 2022 , respectively. • At any time prior to (i) October 15, 2021 in the case of the 2026 C&W Senior Notes , (ii) September 15, 2022 in the case of the 2027 C&W Senior Notes and (iii) September 7, 2022 in the case of the 2027 C&W Senior Secured Notes , Sable and C&W Senior Financing (as applicable) may redeem some or all of the applicable notes by paying a price equal to 100% of the principal amount of the applicable notes redeemed plus accrued and unpaid interest and a “make-whole” premium, which is generally the present value of all remaining scheduled interest payments to October 15, 2021 , September 15, 2022 or September 7, 2022 (as applicable) using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points . • At any time prior to (i) October 15, 2021 in the case of the 2026 C&W Senior Notes , (ii) September 15, 2022 in the case of the 2027 C&W Senior Notes and (iii) September 7, 2022 in the case of the 2027 C&W Senior Secured Notes , subject to certain restrictions (as specified in the applicable indenture), up to 40% of each of the 2026 C&W Senior Notes , 2027 C&W Senior Notes and 2027 C&W Senior Secured Notes may be redeemed with the net proceeds of one or more specified equity offerings at a redemption price equal to 107.500% , 106.875% and 105.750% , respectively, of the principal amount redeemed, plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date. • Prior to September 7, 2022 , during each 12-month period commencing on April 5, 2019, up to 10% of the principal amount of the 2027 C&W Senior Secured Notes may be redeemed at a redemption price equal to 103% of the principal amount redeemed plus accrued and unpaid interest to the redemption date. Sable and C&W Senior Financing (as applicable) may redeem some or all of the 2026 C&W Senior Notes , 2027 C&W Senior Notes and 2027 C&W Senior Secured Notes , respectively, 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 2026 C&W Senior Notes 2027 C&W Senior Notes 2027 C&W Senior Secured Notes 12-month period commencing: October 15 September 15 September 7 2021 103.750% N.A. N.A. 2022 101.875% 103.438% 102.875% 2023 100.000% 101.719% 101.438% 2024 100.000% 100.859% 100.000% 2025 and thereafter 100.000% 100.000% 100.000% 2022 C&W Senior Notes . In November 2018, C&W completed the redemption of $275 million of aggregate principal amount of the 6.875% secured notes due August 1, 2022 (the 2022 C&W Senior Notes ) for total consideration of $294 million , including (i) the 105.156% redemption price and (ii) accrued and unpaid interest on the redeemed notes. In connection with this transaction, we recognized a net loss on debt modification and extinguishment of $11 million , which primarily includes the net effect of redemption premiums paid and the write-off of unamortized premiums. 2019 C&W Senior Notes . In October 2018, C&W launched a tender offer to repurchase, for cash, any and all of its outstanding 2019 C&W Senior Notes (the Tender Offer ). The price of the Tender Offer was 103% of the principal amount of the bonds tendered, plus accrued and unpaid interest up to, but not including, the payment date. Pursuant to the Tender Offer , which was completed on October 31, 2018 , we paid total consideration of £68 million ( $87 million at the transaction date), including accrued interest of £3 million ( $4 million at the transaction date), for 43.0% of the outstanding 2019 C&W Senior Notes and cancelled the 2019 C&W Senior Notes that were tendered. In March 2019, C&W repaid in full the outstanding principal amount under the 2019 C&W Senior Notes for total consideration of £91 million ( $120 million at the transaction date), including accrued interest of £7 million ( $9 million at the transaction date). C&W Credit Facilities The C&W Credit Facilities are the senior secured credit facilities of certain subsidiaries of C&W . The details of our borrowings under the C&W Credit Facilities as of December 31, 2019 are summarized in the following table: Unused borrowing capacity Outstanding principal amount C&W Credit Facilities Maturity Interest rate Borrowing currency US $ equivalent Borrowing currency US $ equivalent Carrying value (a) in millions C&W Revolving Credit Facility (b) June 30, 2023 LIBOR (c) + 3.25% $ 625.0 $ 625.0 $ — $ — $ — C&W Term Loan B-4 Facility (b) (d) January 31, 2026 LIBOR + 3.25% $ — — $ 1,640.0 1,640.0 1,636.5 C&W Regional Facilities (e) various dates ranging from 2020 to 2038 4.463% (f) (g) 103.2 (h) 366.1 364.3 Total $ 728.2 $ 2,006.1 $ 2,000.8 (a) Amounts are net of discounts and deferred financing costs, as applicable. (b) In March 2018, we amended and restated the credit agreement originally dated May 16, 2016, as amended and restated as of May 26, 2017, providing for the additional C&W Term Loan B-4 Facility , as further described below, and a $625 million revolving credit facility. The C&W Revolving Credit Facility has a fee on unused commitments of 0.5% per year. (c) London Interbank Offered Rate. (d) Subsequent to December 31, 2019, the outstanding principal amount under the C&W Term Loan B-4 Facility was repaid in full. For additional information, see note 21 . (e) Primarily represents amounts borrowed by C&W Panama , C&W Jamaica and Columbus Communications Trinidad Limited (collectively, the C&W Regional Facilities ). (f) Represents a weighted average rate for all C&W Regional Facilities . (g) The unused borrowing capacity on the C&W Regional Facilities comprise certain U.S. dollar and Trinidad & Tobago dollar denominated revolving credit facilities. (h) The outstanding principal amount on the C&W Regional Facilities comprise certain U.S. dollar, JMD , Trinidad & Tobago dollar and East Caribbean dollar denominated credit facilities. Financing and Refinancing Transactions C&W Revolving Credit Facility . In connection with the UTS Acquisition during the first quarter of 2019, C&W borrowed $170 million under the C&W Revolving Credit Facility . The outstanding principal amount of the C&W Revolving Credit Facility , including accrued interest, was repaid in full during the second quarter of 2019. C&W Term Loan B-4 Facility . In February 2018, C&W entered into a $1,875 million principal amount term loan facility (the C&W Term Loan B-4 Facility ). The net proceeds of the C&W Term Loan B-4 Facility were used to repay in full the $1,825 million outstanding principal amount of the C&W Term Loan B-3 Facility , as further described below, and repay $40 million drawn under the C&W Revolving Credit Facility . The exchange in principal amounts of $1,825 million was treated as a non-cash transaction in our consolidated statement of cash flows. In connection with this transaction, we recognized a loss on debt modification and extinguishment of $13 million , which includes the write-off of unamortized discounts and deferred financing costs. C&W Regional Facilities . In January 2018, C&W Panama entered into a $100 million principal amount term loan facility that bears interest at 4.35% per annum, payable on a quarterly basis, and matures in January 2023. The proceeds from the term loan were primarily used to repay existing C&W Panama debt. C&W Term Loan B-3 Facility . In May 2017, C&W entered into a $1,125 million term loan facility (the C&W Term Loan B-3 Facility ). The net proceeds from the C&W Term Loan B-3 Facility were used to prepay in full $1,100 million outstanding principal amount under term loans issued in May 2016 (the C&W Term Loans ). Certain lenders of the C&W Term Loans novated $929 million principal amount under the C&W Term Loans into the C&W Term Loan B-3 Facility , which was treated as a non-cash financing transaction in our consolidated statement of cash flows. In connection with these transactions, we recognized a loss on debt modification and extinguishment of $25 million , which primarily includes the write-off of unamortized discounts and deferred financing costs and the payment of third-party costs. VTR Finance Senior Notes In January 2014, VTR Finance issued $1.4 billion principal amount of senior notes (the VTR Finance Senior Notes ), due January 15, 2024. In October 2018, VTR Finance redeemed $140 million of aggregate principal amount of the VTR Finance Senior Notes for total consideration of $147 million , including (i) the 103% redemption price and (ii) accrued and unpaid interest on the redeemed notes. In connection with this transaction, VTR Finance recognized a loss on debt modification and extinguishment of $6 million , which includes the net effect of redemption premiums paid and the write-off of deferred financing costs. At December 31, 2019 , the carrying value of the VTR Finance Senior Notes was $1,246 million . VTR Finance may redeem all or part of the VTR Finance Senior 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 related indenture), if any, to the applicable redemption date, as set forth below: Redemption Price 12-month period commencing January 15: 2019 103.438% 2020 102.292% 2021 101.146% 2022 and thereafter 100.000% VTR Credit Facilities In May 2018, VTR entered into (i) the VTR TLB-1 Facility and the VTR TLB-2 Facility (collectively, the VTR Term Loan Facilities ) and (ii) new U.S. dollar and CLP revolving credit facilities (collectively, the VTR Revolving Credit Facilities and together with the VTR Term Loan Facilities , the VTR Credit Facilities ). Upon closing of the VTR Credit Facilities , the previously existing credit facility at VTR was cancelled. The details of our borrowings under the VTR Credit Facilities as of December 31, 2019 are summarized in the following table: Unused borrowing capacity Outstanding principal amount VTR Credit Facilities Maturity Interest rate Borrowing currency US $ equivalent Borrowing currency US $ equivalent Carrying value (a) in millions VTR TLB-1 Facility (b) ICP (c) + 3.80% CLP — $ — CLP 140,900.0 $ 187.4 $ 184.0 VTR TLB-2 Facility May 23, 2023 7.00% CLP — — CLP 33,100.0 44.0 43.2 VTR RCF–A (d) May 23, 2023 TAB (e) + 3.35% CLP 45,000.0 59.9 CLP — — — VTR RCF–B (f) March 14, 2024 LIBOR + 2.75% $ 185.0 185.0 $ — — — Total $ 244.9 $ 231.4 $ 227.2 (a) Amounts are net of deferred financing costs. (b) Under the |