Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

The Company’s debt obligations consist of the following:



	As of December 31,
	2019				2018
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
	(Dollars in millions)
Senior Credit Facility Term Loan	$	—	$	—	$	25.0	$	24.9
Global Credit Revolving Credit Facility	35.8		35.8		—		—
CLO Borrowings (See below)	324.9		324.0		309.9		309.9
3.875% Senior Notes Due 2/01/2023	250.0		249.3		250.0		249.0
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
5.650% Senior Notes Due 9/15/2048	350.0		345.8		350.0		345.7
3.500% Senior Notes Due 9/19/2029	425.0		420.7		—		—
Promissory Note Due 7/15/2019	—		—		20.2		20.2
Total debt obligations	$	1,985.7	$	1,976.3	$	1,555.1	$	1,550.4

Summary of borrowings outstanding, including preferred shares classified as liabilities

As of December 31, 2019 and 2018, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of December 31, 2019
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,534.3	$	4,446.4	1.87	%		10.78
Subordinated notes, preferred shares, and other	214.9		238.8		N/A		(1)	10.90
Total	$	4,749.2	$	4,685.2



	As of December 31, 2018
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,723.4	$	4,607.2	1.94	%		10.70
Subordinated notes, preferred shares, and other	178.5		232.9		N/A		(1)	9.95
Total	$	4,901.9	$	4,840.1

(1)

The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.

Senior Notes

Debt Instrument [Line Items]

Schedule of partnership's borrowings

Certain indirect subsidiaries of the Company have issued long term borrowings in the form of senior notes, on which interest is payable semi-annually in arrears. The following table provides information regarding these senior notes (Dollars in millions):



	Aggregate Principal Amount						Interest Expense
			Fair Value ⁽¹⁾ As of December 31,				For The Years Ended December 31,
			2019		2018		2019		2018		2017
3.875% Senior Notes Due 2/1/2023 ^(2),(6)	$	250.0	$	262.8	$	255.5	$	9.9	$	17.2	$	19.8
5.625% Senior Notes Due 3/30/2043⁽³⁾	600.0		713.4		604.1		33.7		33.7		33.7
5.650% Senior Notes Due 9/15/2048⁽⁴⁾	350.0		424.0		354.4		19.9		5.9		—
3.500% Senior Notes Due 9/19/2029⁽⁵⁾	425.0		430.2		—		4.2		—		—
							$	67.7	$	56.8	$	53.5

(1) Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy.

(2) Issued in January 2013 at 99.966% of par.

(3) Issued $400.0 million in aggregate principal at 99.583% of par in March 2013. An additional $200.0 million in aggregate principal was issued at 104.315% of par in March 2014, and is treated as a single class with the outstanding $400.0 million in senior notes previously issued.

(4) Issued in September 2018 at 99.914% of par.

(5) Issued in September 2019 at 99.841% of par.

(6) In September 2018, the Company completed a tender offer to re-purchase $250.0 million in aggregate principal amount of the 3.875% senior notes. As a result of this repurchase, the Company recognized $6.9 million of costs in interest expense and $0.9 million of costs in general, administrative and other expenses upon early extinguishment of the debt.

CLO Term Loans

Debt Instrument [Line Items]

Schedule of partnership's borrowings

For certain CLOs, the Company finances a portion of its investment in the CLOs through the proceeds received from term loans with financial institutions. The Company’s outstanding CLO term loans consist of the following (Dollars in millions):



Formation Date	Borrowing Outstanding December 31, 2019		Borrowing Outstanding December 31, 2018		Maturity Date (1)	Interest Rate as of December 31, 2019
February 28, 2017	$	75.3	$	77.0	November 17, 2031	2.33%	(2)
April 19, 2017	22.9		22.9		April 22, 2031	3.90%	(3) (15)
June 28, 2017	22.9		23.0		July 22, 2031	3.89%	(4) (15)
July 20, 2017	—		24.4		April 21, 2027	N/A	(5) (15)
August 2, 2017	22.8		22.8		July 23, 2029	3.77%	(6) (15)
August 2, 2017	19.5		19.9		August 3, 2022	1.75%	(7)
August 14, 2017	22.6		22.5		August 15, 2030	3.76%	(8) (15)
November 30, 2017	22.7		22.7		January 16, 2030	3.73%	(9) (15) (17)
December 6, 2017	19.1		19.1		October 16, 2030	3.65%	(10) (15) (17)
December 7, 2017	20.8		21.1		January 19, 2029	3.37%	(11) (15) (17)
January 30, 2018	19.2		19.2		January 22, 2030	3.59%	(12) (15) (17)
March 1, 2018	15.3		15.3		January 15, 2031	3.55%	(13) (15) (17)
March 15, 2019	20.8		—		March 15, 2032	2.62%	(14)
August 20, 2019	21.0		—		August 15, 2032	2.52%	(16)
	$	324.9	$	309.9

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

(2) Outstanding borrowing of €67.1 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(3)	Incurs interest at LIBOR plus 1.932%.


(4)	Incurs interest at LIBOR plus 1.923%.


(5)	Incurs interest at LIBOR plus 1.536%. This term loan was paid off in July 2019.


(6)	Incurs interest at LIBOR plus 1.808%.


(7)	Original borrowing of €17.4 million; incurs interest at EURIBOR plus 1.75% and has full recourse to the Company.


(8)	Incurs interest at LIBOR plus 1.848%.


(9)	Incurs interest at LIBOR plus 1.7312%.


(10)	Incurs interest at LIBOR plus 1.647%.


(11)	Incurs interest at LIBOR plus 1.365%.

(12) Incurs interest at LIBOR plus 1.624%

(13) Incurs interest at LIBOR plus 1.552%


(14)	Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage and 0.08% class A-1 periodic adjustment rate up to €54,120.

(15) Term loan issued under master credit agreement.

(16) Incurs interest at the average effective interest rate of each class of purchased securities plus 0.50% spread percentage.

(17) CLO Indentures for the respective CLO borrowings entered on November 30, 2017 and after provide for an alternative rate framework determined at the Company’s discretion upon a trigger event of LIBOR.