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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the Company’s Debt:
December 31,
2023
June 30,
2024
Senior bank debt
$349.9
$299.9
Senior notes
1,096.9
697.4
Junior subordinated notes
751.8
1,188.9
Junior convertible securities
338.9
339.0
Debt
$2,537.5
$2,525.2
The Company’s senior bank debt, senior notes, junior subordinated notes, and junior convertible securities are carried at
amortized cost.  Unamortized discounts and debt issuance costs associated with the Company’s debt instruments, with the
exception of its senior unsecured multicurrency revolving credit facility (the “revolver”), are presented on the Consolidated
Balance Sheets as an adjustment to the carrying value of the associated debt.
Senior Bank Debt
In the first quarter of 2024, the Company repaid $50.0 million of its senior unsecured term loan facility (the “term loan”).
As of June 30, 2024, the Company had a $1.25 billion revolver and a $300.0 million term loan (together, the “credit
facilities”).  The revolver matures on October 25, 2027 and the term loan matures on October 23, 2026.  Subject to certain
conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million and may
borrow up to an additional $75.0 million under the term loan.  The Company pays interest on any outstanding obligations under
the credit facilities at specified rates, currently based either on an applicable term-SOFR plus a SOFR adjustment of 0.10%, or
prime rate, plus a marginal rate determined based on its credit rating.  As of June 30, 2024, the interest rate for the Company’s
outstanding borrowings under the term loan was term-SOFR plus a SOFR adjustment of 0.10%, plus the marginal rate of
0.85%.  As of December 31, 2023 and June 30, 2024, the Company had no outstanding borrowings under the revolver.
Senior Notes
In the first quarter of 2024, the Company’s $400.0 million 4.25% senior notes matured and were fully repaid.
As of June 30, 2024, the Company had senior notes outstanding.  The carrying values of the senior notes are accreted to
their principal amount at maturity over the remaining life of the underlying instrument.  The principal terms of the senior notes
outstanding as of June 30, 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
The senior notes may be redeemed, in whole or in part, at any time, in the case of the 2025 senior notes, and at any time
prior to March 15, 2030, in the case of the 2030 senior notes.  In each case, the senior notes may be redeemed at a make-whole
redemption price, plus accrued and unpaid interest.  The make-whole redemption price, in each case, is equal to the greater of
100% of the principal amount of the notes to be redeemed and the remaining principal and interest payments on the notes being
redeemed (excluding accrued but unpaid interest to, but not including, the redemption date) discounted to their present value as
of the redemption date at the applicable treasury rate plus 0.25%, in the case of the 2025 senior notes, and to their present value
as of the redemption date on a semi-annual basis at the applicable treasury rate plus 0.40%, in the case of the 2030 senior notes.
Junior Subordinated Notes
As of June 30, 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
On March 20, 2024, the Company issued $450.0 million of junior subordinated notes with a maturity date of March 30,
2064 (the “2064 junior subordinated notes”).  Interest was payable beginning June 30, 2024. The 2064 junior subordinated
notes were issued at 100% of the principal amount and rank junior and subordinate in right of payment and upon liquidation to
all of the Company’s current and future senior indebtedness.  As of June 30, 2024, the 2059 junior subordinated notes could be
redeemed at any time, in whole or in part.  The other junior subordinated notes may be redeemed at any time, in whole or in
part, on or after September 30, 2025, in the case of the 2060 junior subordinated notes, on or after September 30, 2026, in the
case of the 2061 junior subordinated notes, and on or after March 30, 2029, in the case of the 2064 junior subordinated notes. 
In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being redeemed, plus
any accrued and unpaid interest thereon.  Prior to the applicable redemption date, at the Company’s option, the applicable junior
subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued and
unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal amount, plus any
accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with
features similar to the applicable notes.
The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the
terms of the junior subordinated notes.
Junior Convertible Securities
As of June 30, 2024, the Company had $341.7 million of principal outstanding in its 5.15% junior convertible trust
preferred securities (the “junior convertible securities”), maturing in 2037.  The junior convertible securities bear interest at a
rate of 5.15% per annum, payable quarterly in cash.
As of December 31, 2023 and June 30, 2024, the unamortized issuance costs related to the junior convertible securities
were $2.9 million and $2.8 million, respectively.
The following table presents interest expense recorded in connection with the junior convertible securities:
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2023
2024
2023
2024
Contractual interest expense
$4.4
$4.4
$8.8
$8.8
Amortization of debt issuance costs
0.1
0.1
0.1
0.1
Total
$4.5
$4.5
$8.9
$8.9
Effective interest rate
5.21%
5.21%
5.21%
5.21%
Holders of the junior convertible securities have no rights to put these securities to the Company.  The holder may convert
the securities to 0.2558 shares of common stock per $50.00 junior convertible security, equivalent to an adjusted conversion
price of $195.47 per share.  The conversion rate is subject to adjustments as described in the Amended and Restated Declaration
of Trust of AMG Capital Trust II and the related indenture, both dated October 17, 2007 and filed as exhibits to the Company’s
most recent Annual Report on Form 10-K.  Upon conversion, holders will receive cash or shares of the Company’s common
stock, or a combination thereof, at the Company’s election.  The Company may redeem the junior convertible securities if the
closing price of its common stock for 20 trading days in a period of 30 consecutive trading days exceeds 130% of the then
prevailing conversion price, and may also repurchase junior convertible securities in the open market or in privately negotiated
transactions from time to time at management’s discretion.  The Company did not repurchase any of its junior convertible
securities during the six months ended June 30, 2023 and 2024.