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Borrowings (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
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.

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.