v2.4.0.6

BORROWINGS | 6 Months Ended
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Jun. 30, 2012
BORROWINGS |
11. | BORROWINGS
On July 13, 2012, an indirect subsidiary of Blackstone entered into an amendment to the $1.02 billion revolving credit facility (the “Credit Facility”) with Citibank, N.A., as Administrative Agent. The amendment increased the borrowing capacity from $1.02 billion to $1.1 billion and extended the maturity date of the Credit Facility from April 8, 2016 to July 13, 2017. As of June 30, 2012, Blackstone had no outstanding borrowings under the Credit Facility. The carrying value and fair value of the Blackstone issued notes as of June 30, 2012 and December 31, 2011 were:
|  | June 30, 2012 |  |  | December 31, 2011 |
|  | Carrying Value |  |  | Fair Value (a) |  |  | Carrying Value |  |  | Fair Value (a) |
Blackstone Issued 5.875%, $400 Million Par, Notes Due 3/15/2021 |  | $ | 398,310 |  |  | $ | 418,480 |  |  | $ | 398,237 |  |  | $ | 404,160 |
Blackstone Issued 6.625%, $600 Million Par, Notes Due 8/15/2019 |  | $ | 660,149 |  |  | $ | 655,260 |  |  | $ | 653,467 |  |  | $ | 640,440 |
(a) | Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
Included within Loans Payable and Due to Affiliates are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. At June 30, 2012 and December 31, 2011, the Partnership’s borrowings through consolidated CLO vehicles consisted of the following:
|  | June 30, 2012 |  |  | December 31, 2011 |
|  | Borrowing Outstanding |  |  | Weighted Average Interest Rate |  | Weighted Average Remaining Maturity in Years |  |  | Borrowing Outstanding |  |  | Weighted Average Interest Rate |  | Weighted Average Remaining Maturity in Years |
Senior Secured Notes |  | $ | 11,927,078 |  |  | 1.66% |  |  | 4.7 |  |  | $ | 8,250,418 |  |  | 1.96% |  |  | 4.3 |
Subordinated Notes |  |  | 1,424,900 |  |  | (a) |  |  | 5.5 |  |  |  | 1,117,571 |  |  | (a) |  |  | 7.2 |
|  | $ | 13,351,978 |  |  |  |  |  |  |  |  | $ | 9,367,989 |  |  |  |  |  |  |
(a) | The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.
Included within Senior Secured Notes and Subordinated Notes as of June 30, 2012 are amounts due to non-consolidated affiliates of $22.0 million and $317.2 million, respectively. The fair value of Senior Secured and Subordinated Notes as of June 30, 2012 was $10.5 billion and $701.6 million, respectively, of which $15.7 million and $191.1 million represents the amounts due to affiliates. Included within Senior Secured Notes and Subordinated Notes as of December 31, 2011 are amounts due to non-consolidated affiliates of $101.8 million and $323.6 million, respectively. The fair value of Senior Secured and Subordinated Notes as of December 31, 2011 was $7.4 billion and $630.2 million, respectively, of which $86.9 million and $205.4 million represents the amounts due to affiliates. The Loans Payable of the consolidated CLO vehicles are collateralized by assets held by each respective CLO vehicle and assets of one vehicle may not be used to satisfy the liabilities of another. As of June 30, 2012 and December 31, 2011, the fair value of the consolidated CLO assets was $12.5 billion and $8.7 billion, respectively. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities. Scheduled principal payments for borrowings as of June 30, 2012 were as follows:
|  | Operating Borrowings |  |  | Blackstone Fund Facilities / CLO Vehicles |  |  | Total Borrowings |
2012 |  | $ | 594 |  |  | $ | 7,606 |  |  | $ | 8,200 |
2013 |  |  | 1,188 |  |  |  | 85,192 |  |  |  | 86,380 |
2014 |  |  | 5,040 |  |  |  | 289,770 |  |  |  | 294,810 |
2015 |  |  | — |  |  |  | 624,007 |  |  |  | 624,007 |
Thereafter |  |  | 1,000,000 |  |  |  | 12,362,341 |  |  |  | 13,362,341 |
Total |  | $ | 1,006,822 |  |  | $ | 13,368,916 |  |  | $ | 14,375,738 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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