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v3.19.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2019
Debt and Capital Lease Obligations [Abstract] |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows:
| March 31, 2019 |  | Principal amount
Weighted average interest rate (a) |  | Unused borrowing capacity (b) |
Borrowing currency |  | U.S. $ equivalent |  | March 31, 2019 |  | December 31, 2018
|  |  | in millions
VM Senior Secured Notes | 5.40 | % |  | — |  |  | $ | — |  |  | $ | 6,340.5 |  |  | $ | 6,268.3 |
VM Credit Facilities (c) | 4.75 | % |  | (d) |  | 877.1 |  |  | 4,686.7 |  |  | 4,600.5 |
VM Senior Notes | 5.55 | % |  | — |  |  | — |  |  | 1,978.9 |  |  | 1,999.9 |
Telenet Credit Facility | 3.98 | % |  | (e) |  | 499.3 |  |  | 3,124.2 |  |  | 3,145.7 |
Telenet Senior Secured Notes | 4.70 | % |  | — |  |  | — |  |  | 1,673.3 |  |  | 1,687.1 |
Telenet SPE Notes | 4.88 | % |  | — |  |  | — |  |  | 535.2 |  |  | 546.2 |
UPCB SPE Notes (f) | 4.54 | % |  | — |  |  | — |  |  | 2,419.2 |  |  | 2,445.5 |
UPC Holding Bank Facility (f) | 4.98 | % |  | € | 990.1 |  |  | 1,111.0 |  |  | 1,645.0 |  |  | 1,645.0 |
UPC Holding Senior Notes (f) | 4.60 | % |  | — |  |  | — |  |  | 1,201.8 |  |  | 1,215.5 |
Vendor financing (g) | 4.14 | % |  | — |  |  | — |  |  | 3,638.1 |  |  | 3,620.3 |
ITV Collar Loan | 0.90 | % |  | — |  |  | — |  |  | 1,406.4 |  |  | 1,379.6 |
Derivative-related debt instruments (h) | 3.39 | % |  | — |  |  | — |  |  | 316.6 |  |  | 301.9 |
Other (i) | 5.07 | % |  | — |  |  | — |  |  | 568.3 |  |  | 459.8 |
Total debt before deferred financing costs, discounts and premiums (j) | 4.58 | % |  |  |  | $ | 2,487.4 |  |  | $ | 29,534.2 |  |  | $ | 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:
| March 31, 2019 |  | December 31, 2018
| in millions
Total debt before deferred financing costs, discounts and premiums | $ | 29,534.2 |  |  | $ | 29,315.3 |
Deferred financing costs, discounts and premiums, net | (126.0 | ) |  | (131.4 | )
Total carrying amount of debt | 29,408.2 |  |  | 29,183.9 |
Finance lease obligations (note 10) | 631.5 |  |  | 621.3 |
Total debt and finance lease obligations | 30,039.7 |  |  | 29,805.2 |
Current maturities of debt and finance lease obligations | (3,679.4 | ) |  | (3,615.2 | )
Long-term debt and finance lease obligations | $ | 26,360.3 |  |  | $ | 26,190.0 |
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(a) | Represents the weighted average interest rate in effect at March 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. 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 4.33% at March 31, 2019. For information regarding our derivative instruments, see note 6.
(b) | Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2019 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 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 March 31, 2019 compliance reporting requirements, we expect that the full amount of unused borrowing capacity will continue to be available and that there will be no restrictions with respect to loans or distributions. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to March 31, 2019.
(c) | Amounts include £90.3 million ($117.3 million) and £41.9 million ($54.4 million) at March 31, 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 that 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 ($877.1 million). As of March 31, 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 ($65.0 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 ($812.1 million).
(e) | Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ($448.8 million) under Telenet Facility AG, (ii) €25.0 million ($28.1 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($22.4 million) under the Telenet Revolving Facility, each of which were undrawn at March 31, 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. In addition, UPC Facility AR under the UPC Holding Bank Facility is expected to be repaid in full at or prior to closing. For additional information, see note 4.
(g) | 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.
(h) | Includes amounts associated with certain derivative-related borrowing instruments, including $262.2 million and $248.6 million at March 31, 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.
(i) | Amounts include $235.8 million and $225.9 million at March 31, 2019 and December 31, 2018, respectively, of debt collateralized by certain trade receivables of Virgin Media.
(j) As of March 31, 2019 and December 31, 2018, our debt had an estimated fair value of $29.7 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.
Schedule of Maturities of Debt | Maturities of our debt as of March 31, 2019 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts represent U.S. dollar equivalents based on March 31, 2019 exchange rates:
| Virgin Media |  | UPC Holding (a) |  | Telenet (b) |  | Other |  | Total
| in millions
Year ending December 31: |  |  |  |  |  |  |  |  |
2019 (remainder of year) | $ | 2,176.9 |  |  | $ | 536.3 |  |  | $ | 429.1 |  |  | $ | 46.9 |  |  | $ | 3,189.2 |
2020 | 282.2 |  |  | 92.5 |  |  | 66.7 |  |  | 225.0 |  |  | 666.4 |
2021 | 1,337.5 |  |  | 25.8 |  |  | 10.2 |  |  | 989.5 |  |  | 2,363.0 |
2022 | 310.9 |  |  | 25.4 |  |  | 9.9 |  |  | 338.1 |  |  | 684.3 |
2023 | 181.6 |  |  | 23.5 |  |  | 9.9 |  |  | 6.3 |  |  | 221.3 |
2024 | 1,126.1 |  |  | 0.9 |  |  | 10.0 |  |  | — |  |  | 1,137.0 |
Thereafter | 10,585.0 |  |  | 5,266.2 |  |  | 5,421.8 |  |  | — |  |  | 21,273.0 |
Total debt maturities | 16,000.2 |  |  | 5,970.6 |  |  | 5,957.6 |  |  | 1,605.8 |  |  | 29,534.2 |
Deferred financing costs, discounts and premiums, net | (36.6 | ) |  | (38.0 | ) |  | (33.5 | ) |  | (17.9 | ) |  | (126.0 | )
Total debt | $ | 15,963.6 |  |  | $ | 5,932.6 |  |  | $ | 5,924.1 |  |  | $ | 1,587.9 |  |  | $ | 29,408.2 |
Current portion | $ | 2,447.1 |  |  | $ | 609.2 |  |  | $ | 481.0 |  |  | $ | 61.1 |  |  | $ | 3,598.4 |
Noncurrent portion | $ | 13,516.5 |  |  | $ | 5,323.4 |  |  | $ | 5,443.1 |  |  | $ | 1,526.8 |  |  | $ | 25,809.8 |
_______________
(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.

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