Company: LBTYK
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001570585-25-000021
Chunk: 112

Company: Liberty Global Ltd.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 9C
Chunk 112
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, 2024, 2023 and 2022

Debt SecuritiesThe following tables set forth a summary of our debt securities recorded within SMAs at December 31, 2024 and 2023:December 31, 2024 Amortized cost basisAccumulated unrealized gainsFair value in millionsCommercial paper$72.0 $(0.1)$71.9 Government bonds129.4 0.4 129.8 Certificates of deposit70.5 — 70.5 Corporate debt securities66.4 0.2 66.6 Structured note (a)(a)(a)88.0 Other debt securities6.3 — 6.3 Total debt securities$344.6 $0.5 $433.1 _______________(a)Amount represents an investment in a leveraged structured note issued by a third party investment bank, which is accounted for at fair value and classified within Level 2 of the fair value hierarchy. For further information regarding our fair value measurements, see note 9. The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. During 2024, we invested an additional $46.6 million and redeemed $62.3 million of the leveraged structured note. At December 31, 2024, the proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table: Proportion of debt associated with the return on the leveraged structured note Subsidiary:Telenet32.10 %Affiliate:VodafoneZiggo JV33.90 %Other (1)34.00 %Total100.00 %_______________(1)Other represents cash proceeds from redemptions that remain invested in the leveraged structured note at December 31, 2024.