Short-Term Borrowings

3 Months Ended

Feb. 28, 2021

Short-term borrowings at February 28, 2021 and November 30, 2020 mature in one year or less and include the following (in thousands):


	February 28, 2021		November 30, 2020
Bank loans (1)	$	876,141	$	752,848


Floating rate puttable notes (1)	6,800		6,800
Equity-linked notes (2)	—		5,067
Total short-term borrowings	$	882,941	$	764,715

(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.

(2)See Note 4, Fair Value Disclosures, for further information on these notes.

At February 28, 2021, the weighted average interest rate on short-term borrowings outstanding is 1.82% per annum.

Our bank loans include facilities that contain certain covenants that, among other things, require us to maintain a specified level of tangible net worth and impose certain restrictions on the future indebtedness of certain of our subsidiaries that are borrowers. At February 28, 2021, we were in compliance with all covenants under these facilities. Our facilities included within bank loans at February 28, 2021 and November 30, 2020 were as follows (in thousands):


	February 28, 2021		November 30, 2020
Bank of New York Mellon Master Loan Agreement (1)	$	300,000	$	300,000
JPMorgan Chase Bank, N.A. Credit Facility (2)	274,000		246,000
Royal Bank of Canada Credit Facility (3)	200,000		200,000
Bank of New York Mellon Credit Facility (4)	100,000		—
Total	$	874,000	$	746,000

(1)Interest is generally based at spreads over the Federal Funds Rate as defined in this master loan agreement.

(2)Interest is based on an annual alternative base rate or an adjusted London Interbank Offered Rate (“LIBOR”), as defined in this credit facility agreement.

(3)Interest is based on a rate per annum equal to LIBOR plus an applicable margin of 2.05%.

(4)Interest is based on a rate per annum equal to the Federal Funds Rate plus 2%.

In addition, the Bank of New York Mellon has agreed to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $150.0 million. The Intraday Credit Facility is structured so that advances are generally repaid before the end of each business day. However, if an advance is not repaid by the end of any business day, the advance is converted to an overnight loan. Intraday loans accrue interest at a rate of 0.12%. Interest is charged based on the number of minutes in a day the advance is outstanding. Overnight loans are charged interest at the base rate plus 3% on a daily basis. The base rate is the higher of the federal funds rate plus 0.50% or the prime rate in effect at that time. The Intraday Credit Facility contains financial covenants, which include a minimum regulatory net capital requirement for our U.S. broker-dealer, Jefferies LLC. At February 28, 2021, we were in compliance with all debt covenants under the Intraday Credit Facility.