Short-Term Borrowings

12 Months Ended

Nov. 30, 2022

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


	November 30,
	2022		2021
Bank loans (1)	$	517,524	$	215,063
Fixed rate callable note (1)	4,068		—
Floating rate puttable notes (1)	6,800		6,800
Total short-term borrowings	$	528,392	$	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 November 30, 2022, the weighted average interest rate on short-term borrowings outstanding is 4.62% per annum.

At November 30, 2022 and 2021, our borrowings under credit facilities classified within bank loans in Short-term borrowings in our Consolidated Statements of Financial Condition were $517.0 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 November 30, 2022, we were in compliance with all covenants under these credit facilities.