Long-Term Debt (Tables)

9 Months Ended

Feb. 29, 2016

Long-Term Debt

Long-term debt

Summary of long-term debt outstanding and the weighted-average effective interest rates

The following is a summary of long-term debt outstanding as of February 29, 2016 and May 31, 2015.

(Dollars in thousands)	February 29, 2016			May 31, 2015
Unsecured long-term debt:
Medium-term notes sold through dealers	$	2,793,119		$	2,749,894
Medium-term notes sold to members	360,917			392,298
Subtotal medium-term notes	3,154,036			3,142,192
Unamortized discount	(580		)	(706		)
Debt issuance costs	(17,190		)	(15,335		)
Total unsecured medium-term notes	3,136,266			3,126,151
Guaranteed Underwriter Program notes payable	4,786,627			4,406,785
Debt issuance costs	(300		)	(320		)
Total Guaranteed Underwriter Program notes payable	4,786,327			4,406,465
Other unsecured notes payable	29,092			31,168
Unamortized discount	(527		)	(626		)
Debt issuance costs	(130		)	(155		)
Total other unsecured notes payable	28,435			30,387
Total unsecured notes payable	4,814,762			4,436,852
Total unsecured long-term debt	7,951,028			7,563,003
Secured long-term debt:
Collateral trust bonds	7,547,711			7,052,711
Unamortized discount	(268,024		)	(271,201		)
Debt issuance costs	(30,283		)	(26,443		)
Total collateral trust bonds	7,249,404			6,755,067
Farmer Mac notes payable	2,312,616			1,910,688
Other secured notes payable	14,871			16,529
Debt issuance costs	(422		)	(493		)
Total other secured notes payable	14,449			16,036
Total secured notes payable	2,327,065			1,926,724
Total secured long-term debt	9,576,469			8,681,791
Total long-term debt	$	17,527,497		$	16,244,794