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Financing Arrangements
 12 Months Ended
Nov. 30, 2021
Financing Arrangements [Abstract]  
Financing Arrangements FINANCING ARRANGEMENTS
Our outstanding debt, including finance leases, was as follows at November 30:
(millions)20212020
Short-term borrowings  
Commercial paper$530.8 $845.8 
Other8.3 40.9 
 $539.1 $886.7 
Weighted-average interest rate of short-term borrowings at year-end0.2 %0.3 %
Long-term debt
3.90% notes due 7/8/2021$— $250.0 
2.70% notes due 8/15/2022750.0 750.0 
3.50% notes due 8/19/2023(1)
250.0 250.0 
3.15% notes due 8/15/2024700.0 700.0 
3.25% notes due 11/15/2025(2)
250.0 250.0 
0.90% notes due 2/15/2026 500.0 — 
3.40% notes due 8/15/2027(3)
750.0 750.0 
2.50% notes due 4/15/2030500.0 500.0 
1.85% notes due 2/15/2031500.0 — 
4.20% notes due 8/15/2047300.0 300.0 
7.63%–8.12% notes due 202455.0 55.0 
Other, including finance leases199.2 195.8 
Unamortized discounts, premiums, debt issuance costs and fair value adjustments(4)
(10.6)16.9 
4,743.6 4,017.7 
Less current portion770.3 263.9 
 $3,973.3 $3,753.8 

(1)Interest rate swaps, settled upon the issuance of these notes in 2013, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%.
(2)Interest rate swaps, settled upon the issuance of these notes in 2015, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45%. The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3-month LIBOR plus 1.22%. Our effective rate as of November 30, 2021 was 1.38%.
(3)Interest rate swaps, settled upon the issuance of these notes in 2017, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44%. The fixed interest rate on $250 million of the 3.40% notes due in 2027 is effectively converted to a variable rate by interest rate swaps through 2027. Net interest payments are based on 3-month LIBOR plus 0.685%. Our effective rate as of November 30, 2021 was 0.84%.
(4)Includes unamortized discounts, premiums and debt issuance costs of $(31.8) million and $(24.4) million as of November 30, 2021 and 2020, respectively.  Includes fair value adjustment associated with interest rate swaps designated as fair value hedges of $21.2 million and $41.3 million as of November 30, 2021 and 2020, respectively.
Maturities of long-term debt, including finance leases, during the fiscal years subsequent to November 30, 2021 are as follows (in millions):
2022$770.3 
2023264.5 
2024797.2 
2025278.0 
2026509.2 
Thereafter2,135.0 
In February 2021, we issued $500.0 million of 0.90% notes due February 15, 2026, with cash proceeds received of $495.7 million, net of discounts and underwriters' fees. Also in February 2021, we issued $500.0 million of 1.85% notes due February 15, 2031, with cash proceeds received of $492.8 million, net of discounts and underwriters' fees. Interest is payable semiannually on both these notes in arrears in February and August of each year. The net proceeds from these issuances were used to pay down short-term borrowings, including a portion of the
$1,443.0 million of commercial paper issued to finance our acquisitions of Cholula and FONA, and for general corporate purposes.
In April 2020, we issued $500.0 million of 2.50% notes due April 15, 2030, with cash proceeds received of $495.0 million, net of discounts and underwriters' fees. Interest is payable semiannually in arrears in April and October of each year.
We have available credit facilities with domestic and foreign banks for various purposes. Some of these lines are committed lines and others are uncommitted lines and could be withdrawn at various times. In June 2021, we entered into a five-year $1.5 billion revolving credit facility, which will expire in June 2026. The current pricing for the credit facility, on a fully drawn basis, is LIBOR plus 1.25%. The pricing of the credit facility is based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to LIBOR plus 1.75%. This credit facility supports our commercial paper program and, after $530.8 million was used to support issued commercial paper, we have $969.2 million of capacity at November 30, 2021. The provisions of this revolving credit facility restrict subsidiary indebtedness and require us to maintain a minimum interest coverage ratio. As of November 30, 2021, our capacity under the five-year $1.5 billion revolving credit facility was not affected by these covenants. We do not expect that these covenants would limit our access to our revolving credit facility for the foreseeable future. This facility replaced our prior revolving credit facilities which included: (i) a five-year $1.0 billion revolving credit facility that was due to expire in August 2022, and (ii) a 364-day $1.0 billion revolving facility, which we entered into in December 2020 and that was due to expire in December 2021.
The pricing for our prior five-year $1.0 billion revolving credit facility, on a fully drawn basis, was LIBOR plus 1.25%. The pricing for our prior 364-day $1.0 billion revolving credit facility, on a fully drawn basis, was LIBOR plus 1.25%. The pricing of those credit facilities was based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to LIBOR plus 1.75%. The provisions of our previous revolving credit facilities restricted subsidiary indebtedness and required us to maintain certain minimum and maximum financial ratios for interest expense coverage and our leverage ratio.
In addition, we have several uncommitted lines totaling $308.4 million, which have a total unused capacity at November 30, 2021 of $226.6 million. These lines, by their nature, can be withdrawn based on the lenders’ discretion. Committed credit facilities require a fee, and commitment fees were $2.0 million, $1.3 million and $1.3 million for 2021, 2020 and 2019, respectively.
We entered into a Term Loan Agreement (Term Loan) in August 2017. The Term Loan provided for three-year and five-year senior unsecured term loans, each for $750 million. The three-year loan was payable at maturity. The five-year loan was payable in equal quarterly installments in an amount of 2.5% of the initial principal amount, with the remaining unpaid balance due at maturity. The three-year and five-year loans were each prepayable in whole or in part. In 2020, we repaid the five-year loan. Prior to payoff, the five-year loan bore interest at LIBOR plus 1.25%. In 2019, we repaid the three-year loan. Prior to payoff, the three-year loan bore interest at LIBOR plus 1.125%. The interest rates were based on our credit rating.
At November 30, 2021, we had guarantees outstanding of $0.6 million with terms of one year or less. As of November 30, 2021 and 2020, we had outstanding letters of credit of $63.7 million and $32.2 million, respectively. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The unused portion of our letter of credit facility was $13.6 million at November 30, 2021.