Borrowings (Tables)

9 Months Ended

Sep. 30, 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):



	September 30, 2017				December 31, 2016
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	24.8	$	25.0	$	24.7
CLO Term Loans(See below)	229.9		229.9		33.8		33.8
3.875% Senior Notes Due 2/01/2023	500.0		497.5		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
Promissory Notes Due 7/15/2019	53.9		53.9		—		—
Total debt obligations	$	1,517.6	$	1,515.6	$	1,267.6	$	1,265.2

Summary of borrowings outstanding, including preferred shares classified as liabilities

As of September 30, 2017 and December 31, 2016, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of September 30, 2017
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	3,631.2	$	3,621.3	2.24	%		11.49
Subordinated notes, preferred shares and other	174.8		173.5		N/A		(a)	9.79
Total	$	3,806.0	$	3,794.8



	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 September 30, 2017			Borrowing Outstanding December 31, 2016			Maturity Date (1)	Interest Rate as of September 30, 2017
October 3, 2013	$	—	(2)	$	13.2	(2)	September 28, 2018	NA	(3)
June 7, 2016	20.6			20.6			July 15, 2027	3.10%	(4)
February 28, 2017	73.0			—			September 21, 2029	2.33%	(5)
April 19, 2017	22.8			—			April 22, 2031	3.24%	(6) (12)
June 28, 2017	23.1			—			July 22, 2031	3.25%	(7) (12)
July 20, 2017	24.4			—			April 21, 2027	2.84%	(8) (12)
August 2, 2017	22.8			—			July 23, 2029	3.10%	(9) (12)
August 2, 2017	20.6			—			August 3, 2022	1.75%	(10)
August 14, 2017	22.6			—			August 15, 2030	3.16%	(11) (12)
	$	229.9		$	33.8

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

(2) Original borrowing of €12.6 million.

(3) Note paid off in the third quarter of 2017.


(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 and nine months ended September 30, 2017 and 2016.


(5)	Original borrowing of €61.8 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(6)	Incurs interest at LIBOR plus 1.932%.


(7)	Incurs interest at LIBOR plus 1.923%.


(8)	Incurs interest at LIBOR plus 1.536%.


(9)	Incurs interest at LIBOR plus 1.808%.


(10)	Original borrowing of €17.4 million; incurs interest at LIBOR plus 1.75% and has full recourse to the Partnership.


(11)	Incurs interest at LIBOR plus 1.848%.


(12)	Term loan issued under master credit agreement.