Borrowings (Tables)

3 Months Ended

Mar. 31, 2017

The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s debt obligations consist of the following (Dollars in millions):



	As of March 31, 2017				As of December 31, 2016
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	24.7	$	25.0	$	24.7
CLO Term Loans(See below)	34.1		34.1		33.8		33.8
Euro CLO Financing	66.1		66.1		—		—
3.875% Senior Notes Due 2/01/2023	500.0		497.3		500.0		497.2
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
Promissory Note Due 1/01/2022	108.8		108.8		108.8		108.8
Total debt obligations	$	1,334.0	$	1,331.7	$	1,267.6	$	1,265.2

Summary of borrowings outstanding, including preferred shares classified as liabilities

As of March 31, 2017 and December 31, 2016, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of March 31, 2017
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	3,371.0	$	3,384.2	2.43	%		11.05
Subordinated notes, preferred shares and other	224.1		203.3		N/A		(a)	8.94
Total	$	3,595.1	$	3,587.5



	As of December 31, 2016
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	3,681.0	$	3,672.5	2.45	%		10.22
Subordinated notes, preferred shares and other	195.6		193.8		N/A		(a)	9.26
Total	$	3,876.6	$	3,866.3


(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.

CLO Term Loans

Debt Instrument [Line Items]

Schedule of Partnership's borrowings

The Partnership's outstanding CLO term loans consist of the following (Dollars in millions):



Formation Date	Borrowing Outstanding March 31, 2017			Borrowing Outstanding December 31, 2016			Maturity Date (2)	Interest Rate as of March 31, 2017
October 3, 2013	$	13.5	(1)	$	13.2	(1)	September 28, 2018	1.75%	(3)
June 7, 2016	20.6			20.6			July 15, 2027	2.82%	(4)
	$	34.1		$	33.8

(1) Original borrowing of €12.6 million.

(2) Maturity date is earlier of date indicated or the date that the CLO is dissolved.

(3) Incurs interest at EURIBOR plus 1.75%.

(4) Incurs interest at the weighted average rate of the underlying senior notes. Interest income on the underlying collateral approximated the amount of interest expense and was not significant for the three months ended March 31, 2017.