DEBT

The following table presents the Company's debt:



	May 24, 2020		November 24, 2019
	(Dollars in thousands)
Long-term debt
Unsecured:
5.00% senior notes due 2025	$	984,810	$	487,632
3.375% senior notes due 2027	514,174		519,113
Total long-term debt	$	1,498,984	$	1,006,745
Short-term debt
Secured:
Senior revolving credit facility	$	300,000	$	—
Unsecured:
Short-term borrowings	7,912		7,621
Total short-term debt	$	307,912	$	7,621
Total long-term and short-term debt	$	1,806,896	$	1,014,366

Senior Notes due 2025

On April 17, 2020, the Company issued an additional $500 million in aggregate principal amount of 5.00% senior notes under the indenture dated April 27, 2015 pursuant to which the Company previously issued $500 million in principal amount of its 5.00% senior notes maturing May 1, 2025 (collectively, the "Senior Notes due 2025"). The Senior Notes due 2025 are treated as a single series and are unsecured obligations that rank equally with all of the Company’s other existing and future unsecured and unsubordinated debt. The additional notes were issued through an institutional private placement and holders will be able to exchange the additional notes for notes with the same principal amount and with substantially identical terms, except that the notes to be received in exchange will be registered under the Securities Act of 1933, as amended (the “Securities Act”). The additional notes were sold at an offering price equal to 100.50% of their principal amount. The net proceeds after initial purchaser discounts and commissions and offering expenses were approximately $496 million and will be used for general corporate purposes.

The Company may redeem some or all of the Senior Notes due 2025 prior to May 1, 2020, at a price equal to 100% of the principal amount, plus an applicable premium and accrued and unpaid interest, if any, to the date of redemption, and a “make-whole” premium; on or after this date, the Company may redeem all or any portion of the notes, at once or over time, at redemption prices specified in the indenture governing the notes, plus accrued and unpaid interest, if any, to the date of redemption.

Senior Revolving Credit Facility

The Company's unused availability under its senior secured revolving credit facility (the "Credit Facility") was $447.7 million at May 24, 2020, as the Company's total availability of $778.2 million was reduced by a $300.0 million borrowing made in April 2020 and $30.5 million of letters of credit and other credit usage allocated under the Credit Facility. As detailed in the Credit Facility, additional draws from the Credit Facility, to the extent they exceed certain levels based on the Company’s borrowing base, could create additional restrictions on the Company, including limitations on (i) certain investment activities, (ii) payment of dividends and (iii) prepayment of certain other indebtedness. On June 30, 2020, subsequent to quarter end, the Company repaid the $300 million borrowing under the Credit Facility.

Interest Rates on Borrowings

The Company’s weighted-average interest rate on average borrowings outstanding during the three and six months ended May 24, 2020 was 4.36% and 4.56%, respectively, as compared to 5.32% and 5.27%, respectively, during the same periods of 2019.