Long-Term Debt

The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands):



	Maturity	Effective Interest Rate	August 31, 2018		November 30, 2017
Unsecured long-term debt
5.125% Senior Notes	April 13, 2018	—%	$	—	$	682,338
8.500% Senior Notes	July 15, 2019	3.99%	707,072		728,872
2.375% Euro Medium Term Notes	May 20, 2020	2.42%	578,896		593,334
6.875% Senior Notes	April 15, 2021	4.40%	795,967		808,157
2.250% Euro Medium Term Notes	July 13, 2022	4.08%	4,332		4,389
5.125% Senior Notes	January 20, 2023	4.55%	613,634		615,703
4.850% Senior Notes (1)	January 15, 2027	4.93%	712,667		736,357
6.450% Senior Debentures	June 8, 2027	5.46%	374,211		375,794
3.875% Convertible Senior Debentures (2)	November 1, 2029	—%	—		324,779
4.150% Senior Notes	January 23, 2030	4.26%	987,576		—
6.250% Senior Debentures	January 15, 2036	6.03%	511,758		512,040
6.500% Senior Notes	January 20, 2043	6.09%	420,718		420,990
Structured notes (3)	Various	Various	709,557		614,091
Total unsecured long-term debt			6,416,388		6,416,844
Secured long-term debt
Revolving Credit Facility			158,478		—
Total long-term debt			$	6,574,866	$	6,416,844


(1)	These senior notes with a principal amount of $750.0 million were issued on January 17, 2017. The carrying value includes a gain of $24.1 million and a loss of $9.6 million in the nine months ended August 31, 2018 and 2017, respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 5, Derivative Financial Instruments, for further information.


(2)	The change in fair value of the conversion feature embedded in the debentures, which is included in Principal transaction revenues in our Consolidated Statements of Earnings, was not material for the three and nine months ended August 31, 2017.

(3)

The carrying value includes $709.6 million and $607.0 million of notes carried at fair value at August 31, 2018 and November 30, 2017, respectively. These structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues. A weighted average coupon rate is not meaningful, as substantially all of the structured notes are carried at fair value.

During the nine months ended August 31, 2018, we issued 4.150% senior notes with a total principal amount of $1.0 billion, due 2030. Additionally, structured notes with a total principal amount of approximately $162.6 million, net of retirements, were issued during the period. During the nine months ended August 31, 2017, we issued senior notes with a total principal amount of $641.0 million, net of retirements, and structured notes with a total principal amount of approximately $287.5 million, net of retirements.

On November 22, 2017, all of our remaining convertible debentures ($324.8 million at November 30, 2017) were called for optional redemption, with a redemption date of January 5, 2018, at a redemption price equal to 100% of the principal amount of the convertible debentures redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. All of these remaining convertible debentures were redeemed on January 5, 2018. In addition, our 5.125% senior notes with a principal of $668.3 million were redeemed in April 2018.

On May 16, 2018, we entered into a senior secured revolving credit facility (“Revolving Credit Facility”) with a group of commercial banks for an aggregate principal amount of $160.0 million. The Revolving Credit Facility contains certain financial covenants, including, but not limited to, restrictions on future indebtedness of certain of our subsidiaries and its’ minimum tangible net worth, liquidity requirements and minimum capital requirements. Interest is based on an annual alternative base rate or an adjusted London Interbank Offered Rate, as defined in the Revolving Credit Facility agreement. The obligations of certain of our subsidiaries under the Revolving Credit Facility are secured by substantially all its assets. At August 31, 2018, we were in compliance with debt covenants under the Revolving Credit Facility.