Long-Term Debt

12 Months Ended

Nov. 30, 2021

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


		Effective Interest Rate	November 30,
	Maturity		2021		2020
Unsecured long-term debt
2.250% Euro Medium Term Notes	July 13, 2022	—%	$	—	$	4,638
5.125% Senior Notes	January 20, 2023	—%	—		759,901
1.000% Euro Medium Term Notes	July 19, 2024	1.00%	564,985		595,700
4.850% Senior Notes (1)	January 15, 2027	4.93%	775,550		809,039
6.450% Senior Debentures	June 8, 2027	5.46%	366,556		369,057
4.150% Senior Notes	January 23, 2030	4.26%	990,525		989,574
2.750% Senior Notes (1)	October 15, 2032	2.85%	460,724		485,134
6.250% Senior Debentures	January 15, 2036	6.03%	505,267		510,834
6.500% Senior Notes	January 20, 2043	6.09%	409,926		419,826
2.625% Senior Notes	October 15, 2031	2.73%	988,059		—
Floating Rate Senior Notes	October 29, 2071	—%	61,703		—
Unsecured Revolving Credit Facility	August 3, 2023	1.63%	348,951		—
Structured notes (2)(3)	Various	Various	1,843,598		1,712,245
Total unsecured long-term debt			7,315,844		6,655,948
Secured long-term debt
Revolving Credit Facility			248,982		189,732
Secured Credit Facility			375,000		—
Secured Bank Loan			100,000		50,000
Total long-term debt (4)			$	8,039,826	$	6,895,680

(1)The carrying values of these senior notes include a net gain of $58.5 million and a net loss $36.7 million during 2021 and 2020, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 2, Summary of Significant Accounting Policies, and Note 5, Derivative Financial Instruments, for further information.

(2)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 transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value.

(3)Of the $1.84 billion of structured notes at November 30, 2021, $12.0 million matures in 2022, $2.8 million matures in 2023, $3.9 million matures in 2024, $30.7 million matures in 2025, $35.5 million matures in 2026, and the remaining $1.76 billion matures in 2027 or thereafter.

(4)The Total Long-term debt has a fair value of $8.64 billion and $7.58 billion at November 30, 2021 and 2020, respectively, which would be classified as Level 2 and Level 3 in the fair value hierarchy.

During 2021, long-term debt increased by $1.14 billion to $8.04 billion at November 30, 2021, as presented in our Consolidated Statements of Financial Condition. This increase is primarily due to our issuances of 2.625% senior notes with a principal amount of $1.0 billion, due 2031, and floating rate senior notes with a principal amount of $62.3 million, due 2071, partially offset by the early redemption of our 5.125% senior notes with a principal amount of $750.0 million, due January 20, 2023. The change was also due to an increase of $349.0 million from borrowings under our senior unsecured revolving credit facility (“Unsecured Revolving Credit Facility”), an increase of $484.3 million from secured long-term borrowings and approximately $175.6 million of structured notes issuances, net of retirements. At November 30, 2021, all of our 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 transactions revenues. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other adjustments on the Consolidated Statements of Cash Flow.

During 2020, long-term debt decreased $107.7 million. This decrease is primarily due to the maturity and repayment of our 2.375% Euro Medium Term Notes and the early retirement of our 6.875% Senior Notes, partially offset by a $500.0 million principal amount issuance of 2.75% Senior Notes due 2032, a $150.0 million principal amount issuance of additional 5.125% Senior Notes due 2023 and approximately $325.5 million of structured notes issuances, net of retirements.

During April 2021, we entered into a Revolving Credit Facility with a group of commercial banks following the maturity of our previous revolving credit facility. At November 30, 2021, borrowings under the Revolving Credit Facility amounted to $249.0 million. Interest is based on an adjusted LIBOR Rate, as defined in the credit agreement. The Revolving Credit Facility contains certain covenants that, among other things, requires Jefferies Group LLC to maintain specified level of tangible net worth and liquidity amounts, and imposes certain restrictions on future indebtedness of and requires specified levels of regulated capital for certain of our subsidiaries. Throughout the period and at November 30, 2021, no instances of noncompliance with the Revolving Credit Facility covenants occurred and we expect to remain in compliance given our current liquidity and anticipated funding requirements given our business plan and profitability expectations.

During May 2021, we entered into a Secured Credit Facility agreement with a bank under which we have borrowed $375.0 million at November 30, 2021. Interest is based on a rate per annum at spreads over an Adjusted LIBOR Rate, as defined in the credit agreement. The Secured 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 a certain subsidiary to maintain specified leverage amounts and impose certain restrictions on its future indebtedness. At November 30, 2021, we were in compliance with all covenants under the Secured Credit Facility.

During August 2021, we entered into an Unsecured Revolving Credit Facility agreement with a bank under which we have borrowed $349.0 million at November 30, 2021. Interest is based on a rate per annum at spreads over an Adjusted LIBOR Rate or a Base Rate, as defined in the credit agreement. The Unsecured Revolving Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain a specified level of tangible net worth, net cash capital and a minimum regulatory net capital requirement for Jefferies LLC. At November 30, 2021, we were in compliance with all covenants under the Unsecured Revolving Credit Facility.

During September 2021, one of our subsidiaries amended a Loan and Security Agreement with a bank for a term loan (“Secured Bank Loan”) due to the maturity of our previous secured bank loan. At November 30, 2021, borrowings under the Secured Bank Loan amounted to $100.0 million. The Secured Bank Loan matures on September 13, 2024 and is collateralized by certain trading securities with an interest rate of 1.25% plus LIBOR. The agreement contains certain covenants that, among other things, restricts lien or encumbrance upon any of the pledged collateral. At November 30, 2021, we were in compliance with all covenants under the Secured Bank Loan.