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Debt | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows:
| March 31, 2024 |  | Principal amount
Weighted average interest rate (a) |  | Unused borrowing capacity (b) |
Borrowing currency |  | U.S. $ equivalent |  | March 31, 2024 |  | December 31, 2023
|  |  | in millions
Sunrise Holding Bank Facility (c) | 7.70 | % |  | € | 707.0 |  |  | $ | 763.4 |  |  | $ | 3,597.1 |  |  | $ | 3,626.4 |
Sunrise Holding SPE Notes | 4.57 | % |  | — |  |  | — |  |  | 1,654.8 |  |  | 1,664.9 |
Sunrise Holding Senior Notes | 4.77 | % |  | — |  |  | — |  |  | 817.1 |  |  | 826.1 |
Telenet Credit Facility (d) | 6.95 | % |  | € | 615.0 |  |  | 664.0 |  |  | 4,454.3 |  |  | 4,507.9 |
Telenet Senior Secured Notes | 4.76 | % |  | — |  |  | — |  |  | 1,583.0 |  |  | 1,597.6 |
VM Ireland Credit Facility (e) | 7.36 | % |  | € | 100.0 |  |  | 108.0 |  |  | 971.7 |  |  | 995.8 |
Vodafone Collar Loan (f) | 2.95 | % |  | — |  |  | — |  |  | 1,358.2 |  |  | 1,391.9 |
Vendor financing (g) | 4.97 | % |  | — |  |  | — |  |  | 708.0 |  |  | 768.7 |
Other (h) | 5.90 | % |  | — |  |  | — |  |  | 458.3 |  |  | 478.3 |
Total debt before deferred financing costs, discounts and premiums (i) | 6.09 | % |  |  |  | $ | 1,535.4 |  |  | $ | 15,602.5 |  |  | $ | 15,857.6 |
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, 2024 |  | December 31, 2023
| in millions
Total debt before deferred financing costs, discounts and premiums | $ | 15,602.5 |  |  | $ | 15,857.6 |
Deferred financing costs, discounts and premiums, net | (134.4) |  |  | (149.7) |
Total carrying amount of debt | 15,468.1 |  |  | 15,707.9 |
Finance lease obligations (note 9) | 52.3 |  |  | 58.0 |
Total debt and finance lease obligations | 15,520.4 |  |  | 15,765.9 |
Current portion of debt and finance lease obligations | (737.8) |  |  | (806.8) |
Long-term debt and finance lease obligations | $ | 14,782.6 |  |  | $ | 14,959.1 |
_______________ (a)Represents the weighted average interest rate in effect at March 31, 2024 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 and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.41% at March 31, 2024. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 5. (b)Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2024 without regard to covenant compliance calculations or other conditions precedent to borrowing. The following table provides our borrowing availability and amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities (i) at March 31, 2024 and (ii) upon completion of the relevant March 31, 2024 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to March 31, 2024, or the full impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility.
| Availability
| March 31, 2024 |  | Upon completion of the relevant March 31, 2024 compliance reporting requirements
| Borrowing currency |  | U.S. $ equivalent |  | Borrowing currency |  | U.S. $ equivalent
| in millions
Available to borrow: |  |  |  |  |  |  |
Sunrise Holding Bank Facility | € | 707.0 |  |  | $ | 763.4 |  |  | € | 707.0 |  |  | $ | 763.4 |
Telenet Credit Facility | € | 615.0 |  |  | $ | 664.0 |  |  | € | 615.0 |  |  | $ | 664.0 |
VM Ireland Credit Facility | € | 100.0 |  |  | $ | 108.0 |  |  | € | 100.0 |  |  | $ | 108.0 |
Available to loan or distribute: |  |  |  |  |  |  |
Sunrise Holding Bank Facility | € | 707.0 |  |  | $ | 763.4 |  |  | € | 707.0 |  |  | $ | 763.4 |
Telenet Credit Facility | € | 615.0 |  |  | $ | 664.0 |  |  | € | 615.0 |  |  | $ | 664.0 |
VM Ireland Credit Facility | € | 100.0 |  |  | $ | 108.0 |  |  | € | 100.0 |  |  | $ | 108.0 |
(c)Unused borrowing capacity under the Sunrise Holding Bank Facility relates to an equivalent €707.0 million ($763.4 million) under the Sunrise Holding Revolving Facility, comprising (i) €697.0 million ($752.6 million) under Sunrise Holding Revolving Facility B and (ii) €10.0 million ($10.8 million) under Sunrise Holding Revolving Facility A. With the exception of €23.0 million ($24.8 million) of borrowings under the ancillary facilities, the Sunrise Holding Revolving Facility was undrawn at March 31, 2024. In February 2024, commitments under the Sunrise Holding Revolving Facility were reduced by €18.0 million ($19.4 million) and €60.0 million ($64.8 million) of commitments under Sunrise Holding Revolving Facility A were extended and redesignated under Sunrise Holding Revolving Facility B. As a result, the Sunrise Holding Revolving Facility now provides for maximum borrowing capacity of €730.0 million ($788.2 million), including €60.0 million under the related ancillary facilities. Sunrise Holding Revolving Facility A has a maximum borrowing capacity of €10.0 million and a final maturity date of May 31, 2026 and Sunrise Holding Revolving Facility B has a maximum borrowing capacity of €720.0 million ($777.4 million), including €60.0 million under the ancillary facilities, and a final maturity date of September 30, 2029. (d)Unused borrowing capacity under the Telenet Credit Facility comprises (i) €570.0 million ($615.4 million) under Telenet Revolving Facility B, (ii) €25.0 million ($27.0 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($21.6 million) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2024. In February 2024, the €30.0 million ($32.4 million) of commitments under Telenet Revolving Facility A were cancelled in full. (e)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($108.0 million) under the VM Ireland Revolving Facility, which was undrawn at March 31, 2024. (f)For information regarding the Vodafone Collar Loan, see note 4. (g)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 as debt on our condensed consolidated balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our condensed consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During the three months ended March 31, 2024 and 2023, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows from financing activities related to these operating expenses were $159.8 million and $141.4 million, respectively. Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our condensed consolidated statements of cash flows. (h)Amounts include $410.9 million and $430.8 million at March 31, 2024 and December 31, 2023, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses. Telenet will make annual payments for the license fees over the terms of the respective licenses. (i)As of March 31, 2024 and December 31, 2023, our debt had an estimated fair value of $15.2 billion and $15.5 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). For additional information regarding fair value hierarchies, see note 6. General Information At March 31, 2024, most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise Sunrise Holding, Telenet and VM Ireland, include their respective restricted parent and subsidiary entities. 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. Maturities of Debt Maturities of our debt as of March 31, 2024 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on March 31, 2024 exchange rates.
| Sunrise Holding (a) |  | Telenet |  | VM Ireland |  | Other (b) |  | Total
| in millions
Year ending December 31: |  |  |  |  |  |  |  |  |
2024 (remainder of year) | $ | 257.0 |  |  | $ | 346.0 |  |  | $ | — |  |  | $ | 10.7 |  |  | $ | 613.7 |
2025 | 67.8 |  |  | 71.6 |  |  | — |  |  | 321.6 |  |  | 461.0 |
2026 | — |  |  | 22.6 |  |  | — |  |  | 1,037.7 |  |  | 1,060.3 |
2027 | — |  |  | 23.2 |  |  | — |  |  | — |  |  | 23.2 |
2028 | 1,152.3 |  |  | 4,891.4 |  |  | — |  |  | — |  |  | 6,043.7 |
2029 | 3,666.7 |  |  | 1,222.0 |  |  | 971.7 |  |  | — |  |  | 5,860.4 |
Thereafter | 1,250.0 |  |  | 290.2 |  |  | — |  |  | — |  |  | 1,540.2 |
Total debt maturities (c) | 6,393.8 |  |  | 6,867.0 |  |  | 971.7 |  |  | 1,370.0 |  |  | 15,602.5 |
Deferred financing costs, discounts and premiums, net | (20.2) |  |  | (26.9) |  |  | (4.9) |  |  | (82.4) |  |  | (134.4) |
Total debt | $ | 6,373.6 |  |  | $ | 6,840.1 |  |  | $ | 966.8 |  |  | $ | 1,287.6 |  |  | $ | 15,468.1 |
Current portion | $ | 324.8 |  |  | $ | 392.9 |  |  | $ | — |  |  | $ | 11.2 |  |  | $ | 728.9 |
Long-term portion | $ | 6,048.8 |  |  | $ | 6,447.2 |  |  | $ | 966.8 |  |  | $ | 1,276.4 |  |  | $ | 14,739.2 |
_______________ (a)Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Sunrise Holding and Liberty Global. (b)Includes $1,358.2 million related to the Vodafone Collar Loan, which has settlement dates in 2025 and 2026 consistent with the Vodafone Collar. We may elect to use cash or the collective value of the related shares and Vodafone Collar to settle amounts under the Vodafone Collar Loan. (c)Amounts include vendor financing obligations of $708.0 million, as set forth below:
| Sunrise Holding |  | Telenet |  |  |  | Other |  | Total
| in millions
Year ending December 31: |  |  |  |  |  |  |  |  |
2024 (remainder of year) | $ | 257.0 |  |  | $ | 323.8 |  |  |  |  | $ | 10.7 |  |  | $ | 591.5 |
2025 | 67.8 |  |  | 47.6 |  |  |  |  | 1.1 |  |  | 116.5 |
Total vendor financing maturities | $ | 324.8 |  |  | $ | 371.4 |  |  |  |  | $ | 11.8 |  |  | $ | 708.0 |
Current portion | $ | 324.8 |  |  | $ | 371.4 |  |  |  |  | $ | 11.2 |  |  | $ | 707.4 |
Long-term portion | $ | — |  |  | $ | — |  |  |  |  | $ | 0.6 |  |  | $ | 0.6 |
Vendor Financing Obligations A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:
| 2024 |  | 2023
| in millions
Balance at January 1 | $ | 768.7 |  |  | $ | 704.7 |
Operating-related vendor financing additions | 159.8 |  |  | 141.4 |
Capital-related vendor financing additions | 39.8 |  |  | 42.3 |
Principal payments on operating-related vendor financing | (191.0) |  |  | (143.5) |
Principal payments on capital-related vendor financing | (45.1) |  |  | (104.5) |
Foreign currency and other | (24.2) |  |  | 14.9 |
Balance at March 31 | $ | 708.0 |  |  | $ | 655.3 |

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