Long-Term Debt

6 Months Ended

May 31, 2019

The principal amount (net of unamortized discounts, premiums and debt issuance costs), stated interest rate and maturity date of outstanding debt are as follows (dollars in thousands):



	May 31, 2019		November 30, 2018
Parent Company Debt:
Senior Notes:
5.50% Senior Notes due October 18, 2023, $750,000 principal	$	743,993	$	743,397
6.625% Senior Notes due October 23, 2043, $250,000 principal	246,744		246,719
Total long-term debt – Parent Company	990,737		990,116

Subsidiary Debt (non-recourse to Parent Company):
Jefferies Group:
8.50% Senior Notes, due July 15, 2019, $644,800 and $680,800 principal	648,382		699,659
2.375% Euro Medium Term Notes, due May 20, 2020, $558,450 and $565,500 principal	557,926		564,702
6.875% Senior Notes, due April 15, 2021, $750,000 principal	783,370		791,814
2.25% Euro Medium Term Notes, due July 13, 2022, $4,468 and $4,524 principal	4,225		4,243
5.125% Senior Notes, due January 20, 2023, $600,000 principal	611,492		612,928
4.85% Senior Notes, due January 15, 2027, $750,000 principal (1)	753,509		709,484
6.45% Senior Debentures, due June 8, 2027, $350,000 principal	372,563		373,669
4.15% Senior Notes, due January 23, 2030, $1,000,000 principal	988,220		987,788
6.25% Senior Debentures, due January 15, 2036, $500,000 principal	511,464		511,662
6.50% Senior Notes, due January 20, 2043, $400,000 principal	420,435		420,625
Structured Notes (2)	819,509		686,170
Jefferies Group Revolving Credit Facility	188,817		183,539
Foursight Capital Credit Facilities	123,579		—
Other	86,756		81,164
Total long-term debt – subsidiaries	6,870,247		6,627,447

Long-term debt	$	7,860,984	$	7,617,563


(1)	Amount includes a loss of $43.8 million and a gain of $22.8 million during the six months ended May 31, 2019 and June 30, 2018, respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 4 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 Accumulated other comprehensive income (loss) and changes in fair value resulting from non-credit components recognized in Principal transactions revenues.

Subsidiary Debt:

Structured notes with a total principal amount of approximately $119.6 million, net of retirements, were issued during the six months ended May 31, 2019. Additionally, during the six months ended May 31, 2019, Jefferies Group repaid $36.0 million of its 8.50% Senior Notes.

Jefferies Group has a senior secured revolving credit facility ("Jefferies Group Revolving Credit Facility") with a group of commercial banks for an aggregate principal amount of $190.0 million. The Jefferies Group Revolving Credit Facility contains certain financial covenants, including, but not limited to, restrictions on future indebtedness of certain of its 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 LIBOR, as defined in the Jefferies Group Revolving Credit Facility agreement. The obligations of certain of Jefferies Group's subsidiaries under the Jefferies Group Revolving Credit Facility are secured by substantially all its assets. At May 31, 2019, Jefferies Group was in compliance with the debt covenants under the Jefferies Group Revolving Credit Facility.

At May 31, 2019, Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $175.0 million, which mature in May 2021. One of the credit facilities bears interest based on the three month LIBOR plus a credit spread fixed through its maturity and the other credit facility bears interest based on the one month LIBOR plus a credit spread fixed through its maturity. As a condition of the credit facilities, Foursight Capital is obligated to maintain cash reserves in an amount equal to the quoted price of an interest rate cap sufficient to meet the hedging requirements of the credit commitment. The credit facilities are secured by first priority liens on auto loan receivables owed to Foursight Capital of approximately $148.3 million at May 31, 2019.