Subsequent Event

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On March 21, 2023, we announced that, through our wholly-owned subsidiary Liberty Global Belgium Holding B.V. (LGBH), we intend to launch a voluntary and conditional public takeover bid for all the shares of Telenet that we do not already own or that are not held by Telenet.

On April 11, 2023, LGBH entered into a facility agreement (the Facility Agreement) under which the lenders have agreed to provide a €1.0 billion ($1.1 billion) term loan facility (Facility B) to LGBH which can be drawn to (i) finance the voluntary and conditional public takeover bid for all of the shares of Telenet that it does not already own or that are not held by Telenet or any other acquisition of shares in Telenet including pursuant to any squeeze-out procedure or otherwise, (ii) pay any related fees, costs, expenses and taxes (or similar duties or charges) and (iii) repay the principal amount of any subordinated shareholder debt or other equity funding to the extent used to finance the acquisition of shares in Telenet.

Under the terms of the Facility Agreement, the final maturity date for Facility B will be the date falling on the third anniversary of the earlier of (i) the first drawdown under Facility B (the Closing Date) and (ii) the date falling nine months after the date of the Facility Agreement. Facility B will bear interest at a rate of EURIBOR plus (a) 4.00% per annum for the first year from the Closing Date, (b) 4.50% per annum for the second year from the Closing Date and (c) 5.25% per annum for the third year from the Closing Date, in each case subject to a EURIBOR floor of 0%.