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Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s Debt:
|  | December 31, 2023 |  | March 31, 2024
Senior bank debt |  | $349.9 |  | $299.9
Senior notes |  | 1,096.9 |  | 697.2
Junior subordinated notes |  | 751.8 |  | 1,188.9
Junior convertible securities |  | 338.9 |  | 338.9
Debt |  | $2,537.5 |  | $2,524.9
Schedule of Principal Terms of Senior and Junior Subordinated Notes | The principal terms of the senior notes outstanding as of March 31, 2024 are presented and described below:
|  | 2025 Senior Notes |  | 2030 Senior Notes
Issue date |  | February 2015 |  | June 2020
Maturity date |  | August 2025 |  | June 2030
Par value (in millions) |  | $350.0 |  | $350.0
Stated coupon |  | 3.50% |  | 3.30%
Coupon frequency |  | Semi-annually |  | Semi-annually
Call price |  | As defined |  | As defined
As of March 31, 2024, the Company had junior subordinated notes outstanding, the respective principal terms of which are presented and described below:
|  | 2059 Junior Subordinated Notes |  | 2060 Junior Subordinated Notes |  | 2061 Junior Subordinated Notes |  | 2064 Junior Subordinated Notes
Issue date |  | March 2019 |  | September 2020 |  | July 2021 |  | March 2024
Maturity date |  | March 2059 |  | September 2060 |  | September 2061 |  | March 2064
Par value (in millions) |  | $300.0 |  | $275.0 |  | $200.0 |  | $450.0
Stated coupon |  | 5.875% |  | 4.75% |  | 4.20% |  | 6.75%
Coupon frequency |  | Quarterly |  | Quarterly |  | Quarterly |  | Quarterly
Call price |  | As defined |  | As defined |  | As defined |  | As defined
NYSE Symbol |  | MGR |  | MGRB |  | MGRD |  | MGRE
Schedule of Convertible Securities | The following table presents interest expense recorded in connection with the junior convertible securities:
|  | For the Three Months Ended March 31,
|  | 2023 |  | 2024
Contractual interest expense |  | $4.4 |  | $4.4
Amortization of debt issuance costs |  | 0.1 |  | 0.1
Total |  | $4.5 |  | $4.5
Effective interest rate |  | 5.21% |  | 5.21%

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