

NOTE 6—SHORT-TERM BORROWINGS

Short-term borrowings consist of borrowings with an original contractual maturity of one year or less and do not include the current portion of long-term debt. Our short-term borrowings totaled $4,789 million and accounted for 19% of total debt outstanding as of November 30, 2019, compared with $3,608 million, or 14%, of total debt outstanding as of May 31, 2019. The following table provides comparative information on our short-term borrowings as of November 30, 2019 and May 31, 2019.



(Dollars in thousands)	November 30, 2019		May 31, 2019
Short-term borrowings:
Commercial paper:
Commercial paper sold through dealers, net of discounts	$	1,038,862	$	944,616
Commercial paper sold directly to members, at par	1,371,902		1,111,795
Total commercial paper	2,410,764		2,056,411
Select notes to members	1,470,579		1,023,952
Daily liquidity fund notes to members	508,169		298,817
Medium-term notes to members	249,512		228,546
Farmer Mac revolving facility⁽¹⁾	150,000		—
Total short-term borrowings	$	4,789,024	$	3,607,726

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⁽¹⁾Advanced under the revolving note purchase agreement with Farmer Mac dated July 31, 2015. See “Note 7—Long-Term Debt” for additional information on this revolving note purchase agreement with Farmer Mac.

Committed Bank Revolving Line of Credit Agreements

We had $2,725 million and $2,975 million of commitments under committed bank revolving line of credit agreements as of November 30, 2019 and May 31, 2019, respectively. Under our current committed bank revolving line of credit agreements, we have the ability to request up to $300 million of letters of credit, which would result in a reduction in the remaining available amount under the facilities.

On November 26, 2019, we amended the three-year and five-year committed bank revolving line of credit agreements to extend the maturity date of the three-year agreement to November 28, 2022, and to terminate certain bank commitments totaling $125 million under the three-year agreement and $125 million under the five-year agreement. As a result, the total commitment amount from third-parties under the three-year facility and the five-year facility is $1,315 million and $1,410 million, respectively, resulting in a combined total commitment amount under the two facilities of $2,725 million.

The following table presents the total commitment, the net amount available for use and the outstanding letters of credit under our committed bank revolving line of credit agreements as of November 30, 2019 and May 31, 2019.



	November 30, 2019						May 31, 2019
(Dollars in millions)	Total Commitment		Letters of Credit Outstanding		Net Available for Use		Total Commitment		Letters of Credit Outstanding		Net Available for Use		Maturity	Annual Facility Fee ⁽¹⁾
3-year agreement	$	—	$	—	$	—	$	1,440	$	—	$	1,440	November 28, 2021	7.5 bps
3-year agreement	1,315		—		1,315		—		—		—		November 28, 2022	7.5 bps
Total 3-year agreement	1,315		—		1,315		1,440		—		1,440
5-year agreement	1,410		3		1,407		1,535		3		1,532		November 28, 2023	10 bps
Total	$	2,725	$	3	$	2,722	$	2,975	$	3	$	2,972

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⁽¹⁾Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.

We had no borrowings outstanding under our committed bank revolving line of credit agreements as of November 30, 2019 or May 31, 2019, and we were in compliance with all covenants and conditions under the agreements as of each date.