Partnership's Borrowings |
The Partnership’s debt obligations consist of the following (Dollars in millions): | | | | | | | | | | | | | | | | | | As of December 31, | | 2018 | | 2017 | | Borrowing Outstanding | | Carrying Value | | Borrowing Outstanding | | Carrying Value | Senior Credit Facility Term Loan Due 5/05/2020 | $ | 25.0 |
| | $ | 24.9 |
| | $ | 25.0 |
| | $ | 24.8 |
| CLO Term Loans (See below) | 309.9 |
| | 309.9 |
| | 294.5 |
| | 294.5 |
| 3.875% Senior Notes Due 2/01/2023 | 250.0 |
| | 249.0 |
| | 500.0 |
| | 497.6 |
| 5.625% Senior Notes Due 3/30/2043 | 600.0 |
| | 600.7 |
| | 600.0 |
| | 600.7 |
| 5.650% Senior Notes Due 9/15/2048 | 350.0 |
| | 345.7 |
| | — |
| | — |
| Promissory Note Due 1/01/2022 | — |
| | — |
| | 108.8 |
| | 108.8 |
| Promissory Notes Due 7/15/2019 | 20.2 |
| | 20.2 |
| | 47.2 |
| | 47.2 |
| Total debt obligations | $ | 1,555.1 |
| | $ | 1,550.4 |
| | $ | 1,575.5 |
| | $ | 1,573.6 |
|
The Partnership's outstanding CLO term loans consist of the following (Dollars in millions): | | | | | | | | | | | | | | | | Formation Date | | Borrowing Outstanding December 31, 2018 | | | Borrowing Outstanding December 31, 2017 | | Maturity Date (1) | | Interest Rate as of December 31, 2018 | | June 7, 2016 | | $ | — |
| | | $ | 20.6 |
| | July 15, 2027 | | N/A | (2) | February 28, 2017 | | 77.0 |
| | | 74.3 |
| | November 17, 2031 | | 2.33% | (3) | April 19, 2017 | | 22.9 |
| | | 22.8 |
| | April 22, 2031 | | 4.40% | (4) (15) | June 28, 2017 | | 23.0 |
| | | 23.1 |
| | July 22, 2031 | | 4.39% | (5) (15) | July 20, 2017 | | 24.4 |
| | | 24.4 |
| | April 21, 2027 | | 4.01% | (6) (15) | August 2, 2017 | | 22.8 |
| | | 22.8 |
| | July 23, 2029 | | 4.28% | (7) (15) | August 2, 2017 | | 19.9 |
| | | 20.9 |
| | August 3, 2022 | | 1.75% | (8) | August 14, 2017 | | 22.5 |
| | | 22.6 |
| | August 15, 2030 | | 4.46% | (9) (15) | November 30, 2017 | | 22.7 |
| | | 22.7 |
| | January 16, 2030 | | 4.17% | (10) (15) | December 6, 2017 | | 19.1 |
| | | 19.1 |
| | October 16, 2030 | | 4.08% | (11) (15) | December 7, 2017 | | 21.1 |
| | | 21.2 |
| | January 19, 2029 | | 3.81% | (12) (15) | January 30, 2018 | | 19.2 |
| | | — |
| | January 22, 2030 | | 4.09% | (13) (15) | March 1, 2018 | | 15.3 |
| | | — |
| | January 15, 2031 | | 3.99% | (14) (15) | | | $ | 309.9 |
| | | $ | 294.5 |
| | | | | |
(1) Maturity date is earlier of date indicated or the date that the CLO is dissolved. (2) Note paid off in third quarter of 2018. | | (3) | Original borrowing of €67.2 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement. |
| | (4) | Incurs interest at LIBOR plus 1.932%. |
| | (5) | Incurs interest at LIBOR plus 1.923%. |
| | (6) | Incurs interest at LIBOR plus 1.536%. |
| | (7) | Incurs interest at LIBOR plus 1.808%. |
| | (8) | Original borrowing of €17.4 million; incurs interest at EURIBOR plus 1.75% and has full recourse to the Partnership. |
| | (9) | Incurs interest at LIBOR plus 1.848%. |
| | (10) | Incurs interest at LIBOR plus 1.7312%. |
| | (11) | Incurs interest at LIBOR plus 1.647%. |
| | (12) | Incurs interest at LIBOR plus 1.365%. |
(13) Incurs interest at LIBOR plus 1.624% (14) Incurs interest at LIBOR plus 1.552% | | (15) | Term loan issued under master credit agreement. |
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Schedule of debt table for consolidated funds |
As of December 31, 2018 and 2017, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions): | | | | | | | | | | | | | | | | | As of December 31, 2018 | | Borrowing Outstanding | | Fair Value | | Weighted Average Interest Rate | | | | Weighted Average Remaining Maturity in Years | Senior secured notes | $ | 4,723.4 |
| | $ | 4,607.2 |
| | 1.94 | % | |
| | 10.70 | Subordinated notes, preferred shares, and other | 178.5 |
| | 232.9 |
| | N/A |
| | (a) | | 9.95 | Total | $ | 4,901.9 |
| | $ | 4,840.1 |
| | | | | | |
| | | | | | | | | | | | | | | | | As of December 31, 2017 | | Borrowing Outstanding | | Fair Value | | Weighted Average Interest Rate | | | | Weighted Average Remaining Maturity in Years | Senior secured notes | $ | 4,128.3 |
| | $ | 4,100.5 |
| | 2.16 | % | |
| | 11.44 | Subordinated notes, preferred shares, and other | 195.2 |
| | 203.3 |
| | N/A |
| | (a) | | 9.85 | Total | $ | 4,323.5 |
| | $ | 4,303.8 |
| | | | | | |
| | (a) | The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs. |
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