|
BORROWINGS (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Carrying Value and Fair Value of Blackstone Issued Notes |
The carrying
value and fair value of the Blackstone issued notes, included in
Loans Payable, were:
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September 30,
2013 |
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December 31,
2012 |
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Carrying
Value |
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|
Fair
Value
(a) |
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|
Carrying
Value |
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|
Fair
Value
(a) |
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|
Blackstone Issued 6.625%,
$600 Million Par, Notes Due 8/15/2019 (b)
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|
$ |
634,710 |
|
|
$ |
687,317 |
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|
$ |
640,220 |
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|
$ |
682,344 |
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Blackstone Issued 5.875%,
$400 Million Par, Notes Due 3/15/2021
|
|
$ |
398,502 |
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|
$ |
447,920 |
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$ |
398,386 |
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|
$ |
456,200 |
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|
Blackstone Issued 4.750%,
$400 Million Par, Notes Due 2/15/2023
|
|
$ |
393,053 |
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$ |
416,920 |
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$ |
392,629 |
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$ |
426,160 |
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Blackstone Issued 6.250%,
$250 Million Par, Notes Due 8/15/2042
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|
$ |
239,707 |
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$ |
265,150 |
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|
$ |
239,619 |
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|
$ |
275,275 |
|
| (a) |
Fair value is determined by
broker quote and these notes would be classified as Level II within
the fair value hierarchy. |
| (b) |
The carrying and fair
values are determined using the original $600 million par
amount less $15 million attributable to these notes which were
acquired but not retired by Blackstone during 2012. |
|
| Partnership's Borrowings Through Consolidated CLO Vehicles |
Borrowings
through the consolidated CLO vehicles consisted of the
following:
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September 30,
2013 |
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December 31,
2012 |
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Borrowing
Outstanding |
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|
Weighted-
Average
Interest
Rate |
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|
Weighted-
Average
Remaining
Maturity
in Years |
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|
Borrowing
Outstanding |
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|
Weighted-
Average
Interest
Rate |
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|
Weighted-
Average
Remaining
Maturity
in Years |
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|
Senior Secured
Notes
|
|
$ |
9,006,731 |
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|
1.28 |
% |
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|
4.2 |
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|
$ |
11,518,111 |
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|
1.34 |
% |
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|
4.6 |
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Subordinated
Notes
|
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|
1,207,626 |
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(a) |
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|
N/A |
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|
1,449,191 |
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|
(a) |
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2.6 |
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$ |
10,214,357 |
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$ |
12,967,302 |
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| (a) |
The Subordinated Notes do
not have contractual interest rates but instead receive
distributions from the excess cash flows of the CLO
vehicles. |
|
| Components of Senior Secured Notes and Subordinated Notes |
Senior Secured
Notes and Subordinated Notes comprise the following
amounts:
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September 30,
2013 |
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|
December 31,
2012 |
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Amounts Due to
Non-
Consolidated Affiliates |
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Amounts Due to
Non-
Consolidated Affiliates |
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Fair
Value |
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Borrowing
Outstanding |
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Fair
Value |
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Fair
Value |
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Borrowing
Outstanding |
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Fair
Value |
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|
Senior Secured
Notes
|
|
$ |
8,641,507 |
|
|
$ |
22,000 |
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|
$ |
21,018 |
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$ |
10,695,136 |
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$ |
22,000 |
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$ |
18,229 |
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Subordinated
Notes
|
|
$ |
605,380 |
|
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$ |
213,037 |
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$ |
109,317 |
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$ |
846,471 |
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$ |
258,156 |
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$ |
172,899 |
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|
| Scheduled Principal Payments for Borrowings |
Scheduled
principal payments for borrowings as of September 30, 2013
were as follows:
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Operating
Borrowings |
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Blackstone Fund
Facilities / CLO
Vehicles |
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Total
Borrowings |
|
|
2013
|
|
$ |
297 |
|
|
$ |
9,859 |
|
|
$ |
10,156 |
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2014
|
|
|
5,040 |
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|
3,993 |
|
|
|
9,033 |
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2018 and
Thereafter
|
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|
1,635,000 |
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|
10,214,357 |
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|
11,849,357 |
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Total
|
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$ |
1,640,337 |
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$ |
10,228,209 |
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|
$ |
11,868,546 |
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