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Notes Payable
 3 Months Ended
Feb. 28, 2022
Debt Disclosure [Abstract]  
Notes Payable Notes Payable
Notes payable consisted of the following (in thousands):
February 28,
2022		November 30,
2021
Unsecured revolving credit facility$250,000 $— 
Mortgages and land contracts due to land sellers and other loans4,927 5,327 
7.50% Senior notes due September 15, 2022
349,635 349,471 
7.625% Senior notes due May 15, 2023
350,661 350,788 
6.875% Senior notes due June 15, 2027
297,267 297,161 
4.80% Senior notes due November 15, 2029
296,984 296,905 
4.00% Senior notes due June 15, 2031
385,474 385,375 
Total
$1,934,948 $1,685,027 
The carrying amounts of our senior notes listed above are net of unamortized debt issuance costs and premiums, which totaled $10.0 million at February 28, 2022 and $10.3 million at November 30, 2021.
Unsecured Revolving Credit Facility. On February 18, 2022, we entered into an amendment to our unsecured revolving credit facility with various banks (“Credit Facility”) that increased its borrowing capacity from $800.0 million to $1.09 billion and extended its maturity from October 7, 2023 to February 18, 2027. The Credit Facility contains an uncommitted accordion feature under which its aggregate principal amount of available loans can be increased to a maximum of $1.29 billion under certain conditions, including obtaining additional bank commitments. The Credit Facility also contains a sublimit of $250.0 million for the issuance of letters of credit. Interest on amounts borrowed under the Credit Facility accrues at a rate based on either a Secured Overnight Financing Rate (“SOFR”) or a base rate, plus a spread that depends on our consolidated leverage ratio (“Leverage Ratio”), as defined under the Credit Facility. Interest is payable quarterly (base rate) or each month or three months (adjusted term SOFR). The Credit Facility also requires the payment of a commitment fee at a per annum rate ranging from .15% to .35% of the unused commitment, based on our Leverage Ratio. Under the terms of the Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either a
consolidated interest coverage ratio (“Interest Coverage Ratio”) or minimum level of liquidity, each as defined therein. The amount of the Credit Facility available for cash borrowings and the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of February 28, 2022, we had $250.0 million of cash borrowings and $8.6 million of letters of credit outstanding under the Credit Facility. Therefore, as of February 28, 2022, we had $831.4 million available for cash borrowings under the Credit Facility, with up to $241.4 million of that amount available for the issuance of letters of credit.
Letter of Credit Facility. We maintain an unsecured letter of credit agreement with a financial institution (“LOC Facility”) to obtain letters of credit from time to time in the ordinary course of operating our business. Under the LOC Facility, which expires on February 13, 2025, we may issue up to $75.0 million of letters of credit. As of February 28, 2022 and November 30, 2021, we had letters of credit outstanding under the LOC Facility of $36.7 million and $34.6 million, respectively.
Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of February 28, 2022, inventories having a carrying value of $18.5 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans.
Senior Notes. All the senior notes outstanding at February 28, 2022 and November 30, 2021 represent senior unsecured obligations that are guaranteed by certain of our subsidiaries and rank equally in right of payment with all of our and our guarantor subsidiaries’ existing unsecured and unsubordinated indebtedness. All of our senior notes were issued in underwritten public offerings. Interest on each of these senior notes is payable semi-annually.
The indenture governing our senior notes does not contain any financial covenants. Subject to specified exceptions, the indenture contains certain restrictive covenants that, among other things, limit our ability to incur secured indebtedness, or engage in sale and leaseback transactions involving property above a certain specified value. In addition, the indenture contains certain limitations related to mergers, consolidations, and sales of assets.
As of February 28, 2022, we were in compliance with the applicable terms of all of our covenants and other requirements under the Credit Facility, the senior notes, the indenture, and the mortgages and land contracts due to land sellers and other loans. Our ability to access the Credit Facility for cash borrowings and letters of credit and our ability to secure future debt financing depend, in part, on our ability to remain in such compliance.
As of February 28, 2022, principal payments on senior notes, mortgages and land contracts due to land sellers and other loans are due during each year ending November 30 as follows: 2022 – $353.2 million; 2023 – $351.7 million; 2024 – $0; 2025 – $0; 2026 – $0; and thereafter – $990.0 million.