Long-Term Debt

The following summarizes our long-term debt carrying values (including unamortized discounts and premiums and valuation adjustment, where applicable) at August 31, 2016 and November 30, 2015 (in thousands):



	August 31, 2016		November 30, 2015
Unsecured long-term debt
5.5% Senior Notes, due March 15, 2016 (effective interest rate of 2.52%)	$	—	$	353,025
5.125% Senior Notes, due April 13, 2018 (effective interest rate of 3.46%)	820,974		830,298
8.5% Senior Notes, due July 15, 2019 (effective interest rate of 4.00%)	785,411		806,125
2.375% Euro Medium Term Notes, due May 20, 2020 (effective rate of 2.42%)	555,962		526,436
6.875% Senior Notes, due April 15, 2021 (effective interest rate of 4.40%)	827,601		838,765
2.25% Euro Medium Term Notes, due July 13, 2022 (effective rate of 4.08%)	4,035		3,779
5.125% Senior Notes, due January 20, 2023 (effective interest rate of 4.55%)	619,000		620,890
6.45% Senior Debentures, due June 8, 2027 (effective interest rate of 5.46%)	378,292		379,711
3.875% Convertible Senior Debentures, due November 1, 2029 (effective interest rate of 3.50%) (1)	346,473		347,307
6.25% Senior Debentures, due January 15, 2036 (effective interest rate of 6.03%)	512,481		512,730
6.50% Senior Notes, due January 20, 2043 (effective interest rate of 6.09%)	421,415		421,656
Structured Notes (2)	211,094		—
Total long-term debt	$	5,482,738	$	5,640,722


(1)	The change in fair value of the conversion feature, which is included within Principal transaction revenues in the Consolidated Statements of Earnings, was not material for the three and nine months ended August 31, 2016 and 2015.


(2)	Includes $204.4 million at fair value at August 31, 2016.

During the nine months ended August 31, 2016, we issued structured notes with a total principal amount of approximately $218.6 million. Certain of the 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 other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues. During the nine months ended August 31, 2016, approximately $350.0 million of long-term borrowings matured or were retired.

In addition, on January 21, 2016, we issued $15.0 million of Class A Notes, due 2022, and $7.5 million of Class B Notes, due 2022, secured by aircraft and related operating leases and which are non-recourse to us. In June 2016, the Class A Notes and the Class B Notes were repurchased and retired.

Our 3.875% convertible debentures due 2029 (principal amount of $345.0 million) (the “debentures”) remain issued and outstanding and are convertible into common shares of Leucadia. At September 15, 2016, each $1,000 debenture is currently convertible into 22.7041 shares of Leucadia’s common stock (equivalent to a conversion price of approximately $44.04 per share of Leucadia’s common stock). The debentures are convertible at the holders’ option any time beginning on August 1, 2029 and convertible at any time if: 1) Leucadia’s common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of the common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions. The debentures may be redeemed for par, plus accrued interest, on or after November 1, 2012 if the price of Leucadia’s common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017. Holders may require us to repurchase the debentures for par, plus accrued interest, on November 1, 2017, 2019 and 2024. In addition to ordinary interest, commencing November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for five trading days ending on and including the third trading day immediately preceding a six-month interest period equals or exceed $1,200 per $1,000 debenture. At March 1, 2013, the conversion option to Leucadia common shares embedded within the debentures meets the definition of a derivative contract, does not qualify to be accounted for within member’s equity and is not clearly and closely related to the economic interest rate or credit risk characteristics of our debt. Accordingly, the conversion option is accounted for on a standalone basis at fair value with changes in fair value recognized in Principal transaction revenues and is presented within Long-term debt in the Consolidated Statements of Financial Condition. At August 31, 2016 and November 30, 2015, the fair value of the conversion option was not material.