Short-Term Borrowings

9 Months Ended

Aug. 31, 2022

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings at August 31, 2022 and November 30, 2021 mature in one year or less and include the following (in thousands):

	August 31, 2022		November 30, 2021
Bank loans (1)	$	557,439	$	215,063
Floating rate puttable notes (1)	6,800		6,800
Total short-term borrowings	$	564,239	$	221,863

(1)These Short-term borrowings are recorded at cost in our Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.

At August 31, 2022, the weighted average interest rate on short-term borrowings outstanding is 3.55% per annum.

At August 31, 2022 and November 30, 2021, our borrowings under credit facilities classified within bank loans in Short-term borrowings in our Consolidated Statements of Financial Condition were $550.0 million and $200.0 million, respectively. Our borrowings include credit facilities that contain certain covenants that, among other things, require us to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for our U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of our subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and us in reference to the bank’s cost of funding. At August 31, 2022, we were in compliance with all covenants under these credit facilities.