Short-Term Borrowings

9 Months Ended

Aug. 31, 2022

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Our short-term borrowings, which mature in one year or less, are as follows (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 the 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 and November 30, 2021, the weighted average interest rate on short-term borrowings outstanding was 3.55% and 1.41% per annum, respectively.

At August 31, 2022 and November 30, 2021, Jefferies Group's borrowings under credit facilities classified within bank loans in Short-term borrowings in the Consolidated Statements of Financial Condition were $550.0 million and $200.0 million, respectively. Jefferies Group's borrowings include credit facilities that contain certain covenants that, among other things, require it to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for its U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of its 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 Jefferies Group in reference to the bank's cost of funding. At August 31, 2022, Jefferies Group was in compliance with all covenants under these credit facilities.