Homebuilding Senior Notes and Other Debts Payable

3 Months Ended

Feb. 28, 2023

Debt Disclosure [Abstract]

Homebuilding Senior Notes and Other Debts Payable

Homebuilding Senior Notes and Other Debts Payable

(Dollars in thousands)	February 28, 2023		November 30, 2022
4.875% senior notes due December 2023	$	399,369	399,169
4.50% senior notes due 2024	649,156		648,975
5.875% senior notes due 2024	432,961		434,128
4.75% senior notes due 2025	499,003		498,892
5.25% senior notes due 2026	403,953		404,257
5.00% senior notes due 2027	351,645		351,741
4.75% senior notes due 2027	896,446		896,259
Mortgage notes on land and other debt	400,802		413,873
	$	4,033,335	4,047,294

The carrying amounts of the senior notes in the table above are net of debt issuance costs of $6.9 million and $7.6 million as of February 28, 2023 and November 30, 2022, respectively.

The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:

(In thousands)	February 28, 2023
Commitment - maturing in April 2024	$	350,000
Commitment - maturing in May 2027	2,225,000
Total commitment	$	2,575,000
Accordion feature	425,000
Total maximum borrowings capacity	$	3,000,000

The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2022. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.

The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2022. The Company's outstanding performance letters of credit and surety bonds are disclosed below:

(In thousands)	February 28, 2023		November 30, 2022
Performance letters of credit	$	1,236,516	1,259,033
Financial letters of credit	457,117		503,659
Surety bonds	4,166,287		4,136,715
Anticipated future costs primarily for site improvements related to performance surety bonds	2,288,199		2,273,694

All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily homebuilding subsidiaries. The guarantees are full and unconditional. The terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2022.