v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The U.S. dollar equivalents of the components of our debt are as follows:
 June 30, 2025Principal amount
Weighted
average
interest
rate (a)		Unused borrowing
capacity (b)
Borrowing currencyU.S. $
equivalent		June 30,
2025		December 31,
2024
  in millions
Telenet Credit Facility (c)5.47 %€645.0 $758.7 $4,647.5 $4,364.8 
Telenet Senior Secured Notes4.72 %— — 1,635.2 1,558.8 
VM Ireland Credit Facility (d)5.51 %€100.0 117.6 1,058.6 931.4 
Vodafone Collar Loan (e)2.95 %— — 1,379.9 1,301.9 
Vendor financing (f)4.59 %— — 385.2 355.9 
Other (g)4.72 %— — 710.3 632.2 
Total debt before deferred financing costs, discounts and premiums (h)4.91 %$876.3 $9,816.7 $9,145.0 

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,
2025		December 31,
2024
in millions
Total debt before deferred financing costs, discounts and premiums
$9,816.7 $9,145.0 
Deferred financing costs, discounts and premiums, net(56.1)(78.1)
Total carrying amount of debt
9,760.6 9,066.9 
Finance lease obligations (note 10)
34.9 34.1 
Total debt and finance lease obligations
9,795.5 9,101.0 
Current portion of debt and finance lease obligations(1,990.5)(898.5)
Long-term debt and finance lease obligations
$7,805.0 $8,202.5 
_______________

(a)Represents the weighted average interest rate in effect at June 30, 2025 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 3.74% at June 30, 2025. 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 6.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2025 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 June 30, 2025 and (ii) upon completion of the relevant June 30, 2025 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 June 30, 2025, 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
 June 30, 2025
Upon completion of the relevant June 30, 2025 compliance reporting requirements
Borrowing currencyU.S. $
equivalent		Borrowing currencyU.S. $
equivalent
 in millions
Available to borrow:
Telenet Credit Facility€645.0 $758.7 €645.0 $758.7 
VM Ireland Credit Facility
€100.0 $117.6 €100.0 $117.6 
Available to loan or distribute:
Telenet Credit Facility€645.0 $758.7 €645.0 $758.7 
VM Ireland Credit Facility€100.0 $117.6 €100.0 $117.6 

(c)Unused borrowing capacity under the Telenet Credit Facility comprises (i) €600.0 million ($705.8 million) under Telenet Revolving Facility I (as defined below), (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 June 30, 2025. In June 2025, the underlying credit agreement was amended to (a) collapse Telenet Revolving Facility A and Telenet Revolving Facility B into a single revolving facility (Telenet Revolving Facility I) and (b) increase the total commitments under Telenet Revolving Facility I by €30.0 million ($35.3 million). Telenet Revolving Facility I has a maximum borrowing capacity of €600.0 million ($705.8 million) and a final maturity date of May 31, 2029. All other terms from the former Telenet Revolving Facility A and Telenet Revolving Facility B continue to apply to Telenet Revolving Facility I.

(d)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($117.6 million) under the VM Ireland Revolving Facility, which was undrawn at June 30, 2025. In March 2025, commitments under the VM Ireland Revolving Facility were increased by €11.1 million ($13.1 million). The VM Ireland Revolving Facility now provides for maximum borrowing capacity of €100.0 million.

(e)In connection with the transactions described in note 5, we settled €84.8 million ($99.7 million) of borrowings under the Vodafone Collar Loan, resulting in a loss on debt extinguishment of €0.8 million ($0.9 million) related to the write-off of unamortized discounts. As described in note 5, the Vodafone Collar Loan was fully settled in July 2025.

(f)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 six months ended June 30, 2025 and 2024, 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 $151.6 million and $170.6 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.

(g)Amounts include (i) $220.6 million and $195.8 million at June 30, 2025 and December 31, 2024, respectively, of debt collateralized by certain trade receivables of Telenet and (ii) $434.8 million and $390.5 million at June 30, 2025 and
December 31, 2024, 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.

(h)As of June 30, 2025 and December 31, 2024, our debt had an estimated fair value of $9.7 billion and $9.0 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 7.

General Information

At June 30, 2025, most of our outstanding debt had been incurred by one of our two subsidiary “borrowing groups.” References to these borrowing groups, which comprise Telenet and VM Ireland, include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of certain financing transactions completed during 2025. 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 2024 10-K.

Financing Transactions

In February 2025, Telenet entered into a €500.0 million ($588.1 million) sustainability-linked term loan facility (Telenet Facility AU). Telenet Facility AU was issued at 99.75% of par, matures on March 31, 2033 and bears interest at a rate of EURIBOR + 3.0%, subject to a EURIBOR floor of 0.0%. The interest rate on Telenet Facility AU is subject to adjustment based on Telenet’s achievement or otherwise of certain Environmental, Social and Governance metrics. The net proceeds from Telenet Facility AU were used to refinance €500.0 million of the €890.0 million ($1,046.9 million) outstanding principal amount under Telenet Facility AT1. In connection with this transaction, Telenet recognized a loss on debt extinguishment of $8.0 million related to the write-off of unamortized deferred financing costs and discounts.

Maturities of Debt

Maturities of our debt as of June 30, 2025 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on June 30, 2025 exchange rates.
Telenet
VM Ireland
Other (a)Total
 in millions
Year ending December 31:
2025 (remainder of year)$496.3 $— $1,380.5 $1,876.8 
2026166.0 — — 166.0 
202724.6 — — 24.6 
20284,447.4 — — 4,447.4 
20291,330.6 1,058.6 — 2,389.2 
203025.8 — — 25.8 
Thereafter886.9 — — 886.9 
Total debt maturities (b)7,377.6 1,058.6 1,380.5 9,816.7 
Deferred financing costs, discounts and premiums, net
(16.8)(4.1)(35.2)(56.1)
Total debt$7,360.8 $1,054.5 $1,345.3 $9,760.6 
Current portion
$637.9 $— $1,345.3 $1,983.2 
Long-term portion$6,722.9 $1,054.5 $— $7,777.4 
_______________

(a)Includes $1,379.9 million related to the Vodafone Collar Loan, which was fully settled in July 2025, as described in note 5.
(b)Amounts include vendor financing obligations of $385.2 million, all of which are classified as current on our condensed consolidated balance sheet, as set forth below:
TelenetOtherTotal
 in millions
Year ending December 31:
2025 (remainder of year)$243.4 $0.6 $244.0 
2026141.2 — 141.2 
Total vendor financing maturities$384.6 $0.6 $385.2 

Vendor Financing Obligations

A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:
20252024
 in millions
Balance at January 1$355.9 $399.1 
Operating-related vendor financing additions151.6 170.6 
Capital-related vendor financing additions36.9 41.6 
Principal payments on operating-related vendor financing(176.6)(162.6)
Principal payments on capital-related vendor financing(30.4)(51.5)
Foreign currency and other47.8 (6.6)
Balance at June 30
$385.2 $390.6