Short-Term Borrowings

9 Months Ended

Aug. 31, 2019

Short-term borrowings at August 31, 2019 and November 30, 2018 include the following and mature in one year or less (in thousands):



	August 31, 2019		November 30, 2018
Bank loans	$	518,914	$	330,942
Floating rate puttable notes	—		56,550
Total short-term borrowings	$	518,914	$	387,492

At August 31, 2019, the weighted average interest rate on short-term borrowings outstanding is 3.42% per annum. Average daily short-term borrowings outstanding were $496.5 million and $580.8 million for the three and nine months ended August 31, 2019, respectively, $422.9 million and $498.6 million for the three and nine months ended August 31, 2018, respectively.

Our floating rate puttable notes with a principal amount of €50.0 million matured on July 29, 2019.

On March 28, 2019, we entered into a promissory note with Jefferies Finance, which was repaid on May 15, 2019. For further information on this promissory note, refer to Note 9, Investments.

On December 27, 2018, one of our subsidiaries entered into a credit facility agreement (“Credit Facility”) with JPMorgan Chase Bank, N.A. for a committed amount of $135.0 million, which is included in bank loans. Interest is based on an annual alternative base rate or an adjusted London Interbank Offered Rate (“LIBOR”), as defined in the Credit Facility. The Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain a specified level of tangible net worth. The covenants also require the borrower to maintain specified leverage amounts and impose certain restrictions on the borrower’s future indebtedness. During the nine months ended August 31, 2019, we were in compliance with all debt covenants under the Credit Facility.

The Bank of New York Mellon has agreed to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $150.0 million. The Intraday Credit Facility contains financial covenants, which include a minimum regulatory net capital requirement for Jefferies LLC. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At August 31, 2019, we were in compliance with debt covenants under the Intraday Credit Facility.