Long-Term Debt

3 Months Ended

Feb. 28, 2021

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	February 28, 2021		November 30, 2020
Unsecured long-term debt:

2.250% Euro Medium Term Notes	July 13, 2022	—%	$	—	$	4,638
5.125% Senior Notes	January 20, 2023	4.47%	758,792		759,901
1.000% Euro Medium Term Notes	July 19, 2024	1.00%	602,401		595,700
4.850% Senior Notes (1)	January 15, 2027	4.93%	790,942		809,039
6.450% Senior Debentures	June 8, 2027	5.46%	368,445		369,057
4.150% Senior Notes	January 23, 2030	4.26%	989,807		989,574
2.750% Senior Notes (1)	October 15, 2032	2.85%	456,828		485,134
6.250% Senior Debentures	January 15, 2036	6.03%	510,724		510,834
6.500% Senior Notes	January 20, 2043	6.09%	419,719		419,826
Structured notes (2)	Various	Various	1,784,157		1,712,245
Total unsecured long-term debt			6,681,815		6,655,948
Secured long-term debt
Revolving Credit Facility			189,893		189,732
Secured Bank Loan	September 27, 2021		50,000		50,000
Total long-term debt (3)			$	6,921,708	$	6,895,680

(1)The carrying values of these senior notes includes a net gain of $46.8 million and a net loss of $24.9 million in the three months ended February 28, 2021 and February 29, 2020, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 5, Derivative Financial Instruments, for further information.

(2)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 transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value.

(3)The Total Long-term debt has a fair value of $7,589.0 million and $7,575.2 million at February 28, 2021 and November 30, 2020, respectively, which would be classified as Level 2 and Level 3 in the fair value hierarchy.

During the three months ended February 28, 2021, long-term debt increased $26.0 million, primarily due to approximately $54.1 million of structured notes issuances, net of retirements, and changes in instrument specific credit risk on structured notes, partially offset by losses associated with interest rate swaps based on their designation as fair value hedges. At February 28, 2021, all of our 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 transactions revenues. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other adjustments on the Consolidated Statements of Cash Flow.

We have a Revolving Credit Facility with a group of commercial banks. At February 28, 2021, borrowings under the Revolving Credit Facility amounted to $189.9 million. Interest is based on an annual alternative base rate or an adjusted LIBOR, as defined in the Revolving Credit Facility agreement. The Revolving Credit Facility contains certain covenants that, among other things, requires Jefferies Group LLC to maintain specified level of tangible net worth and liquidity amounts, and imposes certain restrictions on future indebtedness of and requires specified levels of regulated capital for certain of our subsidiaries. Throughout the period and at February 28, 2021, no instances of noncompliance with the Revolving Credit Facility covenants occurred and we expect to remain in compliance given our current liquidity and anticipated funding requirements given our business plan and profitability expectations.

One of our subsidiaries has a Loan and Security Agreement with a bank for a term loan with a principal amount of $50.0 million (“Secured Bank Loan”). This Secured Bank Loan is collateralized by certain trading securities. Interest on the Secured Bank Loan is 1.25% plus LIBOR. The agreement contains certain covenants that, among other things, restrict lien or encumbrance upon any of the pledged collateral. At February 28, 2021, we were in compliance with all covenants under the Loan and Security Agreement.