Long-Term Debt

The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands):



	Maturity	Effective Interest Rate	May 31, 2017		November 30, 2016
Unsecured long-term debt
5.125% Senior Notes	April 13, 2018	3.46%	$	755,058	$	817,813
8.500% Senior Notes	July 15, 2019	4.00%	746,551		778,367
2.375% Euro Medium Term Notes	May 20, 2020	2.42%	560,726		528,250
6.875% Senior Notes	April 15, 2021	4.40%	816,063		823,797
2.250% Euro Medium Term Notes	July 13, 2022	4.08%	4,116		3,848
5.125% Senior Notes	January 20, 2023	4.55%	617,044		618,355
4.850% Senior Notes (1)	January 15, 2027	4.93%	749,134		—
6.450% Senior Debentures	June 8, 2027	5.46%	376,813		377,806
3.875% Convertible Senior Debentures (2)	November 1, 2029	3.50%	345,587		346,187
6.250% Senior Debentures	January 15, 2036	6.03%	512,220		512,396
6.500% Senior Notes	January 20, 2043	6.09%	421,164		421,333
Structured notes (3)	Various	Various	399,556		255,203
Total long-term debt			$	6,304,032	$	5,483,355


(1)	These senior notes with a principal amount of $750.0 million were issued on January 17, 2017. The carrying value includes $4.9 million associated with an interest rate swap based on its designation as a fair value hedge. See Note 2, Summary of Significant Accounting Policies, and Note 5, Derivative Financial Instruments, for further information.


(2)	The change in fair value of the conversion feature, which is included in Principal transaction revenues in our Consolidated Statements of Earnings, was not material for the three and six months ended May 31, 2017 and May 31, 2016.

(3)

The carrying value includes $392.8 million and $248.9 million carried at fair value at May 31, 2017 and November 30, 2016, respectively. 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 other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues. A weighted average coupon rate is not meaningful, as substantially all of the structured notes are carried at fair value.

During the six months ended May 31, 2017, we issued senior notes with a total principal amount of $678.5 million, net of retirements, and structured notes with a total principal amount of approximately $125.6 million. During the six months ended May 31, 2016 we issued structured notes with a total principal amount of approximately $107.4 million.

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 June 15, 2017, each $1,000 debenture is currently convertible into 22.8717 shares of Leucadia’s common stock (equivalent to a conversion price of approximately $43.72 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. 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 Jefferies Group LLC 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 our Consolidated Statements of Financial Condition. At May 31, 2017 and November 30, 2016, the fair value of the conversion option was not material.