Rendering

Component: (Network and Table)
Network
2306301 - Disclosure - BORROWINGS (Tables)
(http://www.kkr.com/role/BorrowingsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Debt Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Debt Disclosure [Abstract]
 
Schedule of Company's borrowings
Certain information with respect to the Company’s borrowings as of December 31, 2016 is summarized in the following table (dollar amounts in thousands):


 
 
Par
 
Carrying
Value(1)
 
Weighted
Average
Borrowing
Rate
 
Weighted
Average
Remaining
Maturity
(in days)
 
Collateral(2)
CLO 2012-1 secured notes
$
367,500

 
$
378,978

 
3.01
%
 
2906
 
$
333,931

CLO 2012-1 subordinated notes(3)
18,000

 
9,613

 
15.40

 
2906
 
16,356

CLO 2012-1 subordinated notes to affiliates(3)
19,663

 
10,501

 

 
2906
 
17,867

CLO 2013-1 secured notes
458,500

 
470,354

 
2.59

 
3118
 
450,836

CLO 2013-1 subordinated notes to affiliates(3)
23,063

 
14,970

 

 
3118
 
22,678

CLO 2013-2 secured notes
339,250

 
343,208

 
2.88

 
3310
 
323,644

CLO 2013-2 subordinated notes to affiliates(3)
30,959

 
19,074

 

 
3310
 
29,535

CLO 9 secured notes
463,750

 
471,824

 
2.89

 
3575
 
437,048

CLO 9 subordinated notes(3)
15,000

 
10,170

 
15.58

 
3575
 
14,136

CLO 9 subordinated notes to affiliates(3)
33,400

 
22,646

 
6.11

 
3575
 
31,477

CLO 10 secured notes
368,000

 
377,369

 
3.18

 
3271
 
356,393

CLO 10 subordinated notes to affiliates(3)
39,146

 
22,416

 
7.53

 
3271
 
37,912

CLO 15 secured notes
370,500

 
370,632

 
3.06

 
4309
 
376,971

CLO 15 subordinated notes(3)
12,100

 
11,430

 

 
4309
 
12,311

CLO 16 secured notes
644,300

 
640,386

 
3.16

 
4403
 
596,916

CLO 16 subordinated notes(3)
4,500

 
3,977

 

 
4403
 
4,169

Total collateralized loan obligation secured debt
3,207,631

 
3,177,548

 


 
 
 
3,062,180

CLO warehouse facility(4)
20,000

 
20,000

 
2.25

 
305
 
101,976

7.500% Senior notes
115,043

 
123,008

 
7.50

 
9210
 

Junior subordinated notes
283,517

 
250,154

 
3.34

 
7218
 

Total borrowings
$
3,626,191

 
$
3,570,710

 
 

 
 
 
$
3,164,156

 
 
 
 
 
(1)
Carrying value represents estimated fair value for the collateralized loan obligation secured debt and amortized cost for all other borrowings.
(2)
Collateral for borrowings consists of the estimated fair value of certain corporate loans, securities and equity investments at estimated fair value. For purposes of this table, collateral for CLO secured and subordinated notes are calculated pro rata based on the par amount for each respective CLO.
(3)
Subordinated notes to unaffiliated and affiliated parties do not have a contractual coupon rate, but instead receive a pro rata amount of the net distributions from each respective CLO. Accordingly, weighted average borrowing rates for the subordinated notes were calculated based on cash distributions during the year, if any.
(4)
Represents a $200.0 million CLO warehouse facility.


Certain information with respect to the Company’s borrowings as of December 31, 2015 is summarized in the following table (dollar amounts in thousands):

 
Par
 
Carrying
Value(1)
 
Weighted
Average
Borrowing
Rate
 
Weighted
Average
Remaining
Maturity
(in days)
 
Collateral(2)
CLO 2007-1 secured notes
$
1,544,032

 
$
1,630,293

 
2.10
%
 
1962
 
$
1,732,855

CLO 2007-1 subordinated notes(3)
134,468

 
74,954

 
11.66

 
1962
 
150,912

CLO 2007-A subordinated notes(3)
15,096

 
17,060

 
14.49

 
654
 
48,856

CLO 2011-1 senior debt
249,301

 
249,301

 
1.67

 
1689
 
310,498

CLO 2012-1 secured notes
367,500

 
365,383

 
2.59

 
3272
 
361,684

CLO 2012-1 subordinated notes(3)
18,000

 
10,845

 
15.82

 
3272
 
17,715

CLO 2013-1 secured notes
458,500

 
450,280

 
2.05

 
3484
 
479,391

CLO 2013-2 secured notes
339,250

 
334,187

 
2.52

 
3676
 
347,989

CLO 9 secured notes
463,750

 
454,103

 
2.33

 
3941
 
463,574

CLO 9 subordinated notes(3)
15,000

 
9,972

 
15.92

 
3941
 
14,994

CLO 10 secured notes
368,000

 
363,977

 
2.75

 
3637
 
384,991

CLO 11 secured notes
507,750

 
491,699

 
2.38

 
4123
 
501,286

CLO 11 subordinated notes(3)
28,250

 
23,306

 
5.28

 
4123
 
27,890

CLO 13 secured notes
370,000

 
364,986

 
2.84

 
4399
 
323,781

CLO 13 subordinated notes(3)
4,000

 
3,400

 

 
4399
 
3,500

Total collateralized loan obligation secured debt
4,882,897

 
4,843,746

 
 
 
 
 
5,169,916

8.375% Senior notes
258,750

 
289,660

 
8.38

 
9451
 

7.500% Senior notes
115,043

 
123,346

 
7.50

 
9576
 

Junior subordinated notes
283,517

 
248,498

 
5.43

 
7584
 

Total borrowings
$
5,540,207

 
$
5,505,250

 
 

 
 
 
$
5,169,916

 
 
 
 
 
(1)
Carrying value represents estimated fair value for the collateralized loan obligation secured debt and amortized cost for all other borrowings.
(2)
Collateral for borrowings consists of the estimated fair value of certain corporate loans, securities and equity investments at estimated fair value. For purposes of this table, collateral for CLO senior, mezzanine and subordinated notes are calculated pro rata based on the par amount for each respective CLO.
(3)
Subordinated notes do not have a contractual coupon rate, but instead receive a pro rata amount of the net distributions from each respective CLO. Accordingly, weighted average borrowing rates for the subordinated notes were calculated based on annualized distributions during the year, if any.
 
 
Schedule of Company's contractual obligations (excluding interest) under borrowing agreements
The table below summarizes the Company’s contractual obligations (excluding interest) under borrowing agreements as of December 31, 2016 (amounts in thousands):
 
Payments Due by Period
 
Total
 
Less than 1 year
 
1 - 3 years
 
3 - 5 years
 
More than 5 years
CLO 2012-1 notes
$
405,163

 
$

 
$

 
$

 
$
405,163

CLO 2013-1 notes
481,563

 

 

 

 
481,563

CLO 2013-2 notes
370,209

 

 

 

 
370,209

CLO 9 notes
512,149

 

 

 

 
512,149

CLO 10 notes
407,147

 

 

 

 
407,147

CLO 15 notes
382,600

 

 

 

 
382,600

CLO 16 notes
648,800

 

 

 

 
648,800

CLO warehouse facility
20,000

 
20,000

 

 

 

Senior notes
115,043

 

 

 

 
115,043

Junior subordinated notes
283,517

 

 

 

 
283,517

Total
$
3,626,191

 
$
20,000

 
$

 
$

 
$
3,606,191