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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt and Lease Obligation [Abstract]

Schedule of Debt

The U.S. dollar equivalents of the components of our debt are as follows:

			March 31, 2021																		Principal amount
			Weighted average interest rate (a)						Unused borrowing capacity (b)
									Borrowing currency						U.S. $ equivalent						March 31, 2021						December 31, 2020
									in millions
UPC Holding Bank Facility (c)			3.29		%				€	716.6					$	842.0					$	4,710.0					$	4,767.1
UPCB SPE Notes			3.80		%				—						—						1,339.5						1,393.7
UPC Holding Senior Notes			4.58		%				—						—						1,233.2						1,261.5
Telenet Credit Facility (d)			2.16		%				€	555.0					652.1						3,599.3						3,652.0
Telenet Senior Secured Notes			4.72		%				—						—						1,634.5						1,660.2
Vendor financing (e)			2.23		%				—						—						1,077.3						1,142.9
ITV Collar Loan			0.90		%				—						—						138.4						415.9
Other			7.06		%				—						—						157.6						266.3
Total debt before deferred financing costs, discounts and premiums (f)			3.27		%										$	1,494.1					$	13,889.8					$	14,559.6

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, 2021						December 31, 2020
																														in millions
Total debt before deferred financing costs, discounts and premiums																														$	13,889.8					$	14,559.6
Deferred financing costs, discounts and premiums, net																														(111.9)						(118.4)
Total carrying amount of debt																														13,777.9						14,441.2
Finance lease obligations (note 10)																														526.5						556.5
Total debt and finance lease obligations																														14,304.4						14,997.7
Current maturities of debt and finance lease obligations																														(1,059.0)						(1,130.4)
Long-term debt and finance lease obligations																														$	13,245.4					$	13,867.3

_______________

(a)Represents the weighted average interest rate in effect at March 31, 2021 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, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.67% at March 31, 2021. For information regarding our derivative instruments, see note 6.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2021 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2021, 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 additional 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, 2021 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 March 31, 2021, 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 UPC Holding Bank Facility comprises (i) €500.0 million ($587.5 million) under the UPC Revolving Facility and (ii) €216.6 million ($254.5 million) equivalent under the Revolving Facility, part of which has been made available as an ancillary facility. The UPC Revolving Facility and the Revolving Facility were each undrawn at March 31, 2021. Subsequent to March 31, 2021, commitments under the Revolving Facility were cancelled in full and certain lenders under the Revolving Facility became lenders under the UPC Revolving Facility or increased their commitments under the UPC Revolving Facility, in each case, by a corresponding amount in aggregate. Accordingly, the UPC Revolving Facility, as increased, provides for maximum borrowing capacity equivalent to €736.4 million ($865.2 million).

(d)Unused borrowing capacity under the Telenet Credit Facility comprises (i) €510.0 million ($599.2 million) under the Telenet Revolving Facility I, (ii) €25.0 million ($29.4 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($23.5 million) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2021.

(e)Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g. extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable on our condensed consolidated balance sheet. 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)As of March 31, 2021 and December 31, 2020, our debt had an estimated fair value of $14.0 billion and $14.7 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.

Maturities of Debt and Capital Lease Obligations

Maturities of our debt as of March 31, 2021 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on March 31, 2021 exchange rates.

			UPC Holding (a)						Telenet						Other (b)						Total
			in millions
Year ending December 31:
2021 (remainder of year)			$	251.6					$	353.8					$	106.6					$	712.0
2022			124.0						84.3						231.8						440.1
2023			—						11.6						67.1						78.7
2024			—						11.5						18.9						30.4
2025			—						11.5						1.2						12.7
2026			—						11.6						—						11.6
Thereafter			7,282.7						5,321.6						—						12,604.3
Total debt maturities (c)			7,658.3						5,805.9						425.6						13,889.8
Deferred financing costs, discounts and premiums, net			(95.0)						(16.5)						(0.4)						(111.9)
Total debt			$	7,563.3					$	5,789.4					$	425.2					$	13,777.9
Current portion			$	375.6					$	426.0					$	184.7					$	986.3
Noncurrent portion			$	7,187.7					$	5,363.4					$	240.5					$	12,791.6

_______________

(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 $138.4 million related to the ITV Collar Loan, which, as described in note 5, was fully repaid in April 2021.

(c)Amounts include vendor financing obligations of $1,077.3 million, as set forth below:

			UPC Holding						Telenet						Other						Total
			in millions
Year ending December 31:
2021 (remainder of year)			$	251.6					$	342.2					$	106.6					$	700.4
2022			124.0						72.3						93.4						289.7
2023			—						—						67.1						67.1
2024			—						—						18.9						18.9
2025			—						—						1.2						1.2
Total vendor financing maturities			$	375.6					$	414.5					$	287.2					$	1,077.3
Current portion			$	375.6					$	414.5					$	139.9					$	930.0
Noncurrent portion			$	—					$	—					$	147.3					$	147.3

Maturities of Financing Lease Liabilities

Amounts include vendor financing obligations of $1,077.3 million, as set forth below:

			UPC Holding						Telenet						Other						Total
			in millions
Year ending December 31:
2021 (remainder of year)			$	251.6					$	342.2					$	106.6					$	700.4
2022			124.0						72.3						93.4						289.7
2023			—						—						67.1						67.1
2024			—						—						18.9						18.9
2025			—						—						1.2						1.2
Total vendor financing maturities			$	375.6					$	414.5					$	287.2					$	1,077.3
Current portion			$	375.6					$	414.5					$	139.9					$	930.0
Noncurrent portion			$	—					$	—					$	147.3					$	147.3

Maturities of our operating and finance lease liabilities as of March 31, 2021 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2021 exchange rates:

			Operating leases						Finance leases
			in millions
Year ending December 31:
2021 (remainder of year)			$	140.5					$	77.6
2022			191.0						95.3
2023			177.8						98.9
2024			160.1						60.6
2025			146.4						57.3
2026			134.0						52.3
Thereafter			988.9						234.2
Total payments			1,938.7						676.2
Less: present value discount			(598.7)						(149.7)
Present value of lease payments			$	1,340.0					$	526.5
Current portion			$	174.3					$	72.7
Noncurrent portion			$	1,165.7					$	453.8

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

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