Short-Term Borrowings

12 Months Ended

Dec. 31, 2017

Jefferies short-term borrowings, which mature in one year or less, are as follows at December 31, 2017 and 2016 (in thousands):



	2017		2016

Bank loans (1)	$	304,651	$	372,301
Secured revolving loan facilities	—		57,086
Floating rate puttable notes	108,240		96,455
Equity-linked notes	23,324		—
Total short-term borrowings	$	436,215	$	525,842

(1) Bank loans include loans entered into, pursuant to a Master Loan Agreement, between the Bank of New York and Jefferies.

At December 31, 2017 and 2016, the weighted average interest rate on short-term borrowings outstanding was 2.51% and 1.77% per annum, respectively.

During the year ended December 31, 2017, Jefferies issued equity-linked notes with a principal amount of $30.6 million which matured in July 2017 and $4.2 million, which matured in September 2017. The remaining equity-linked notes will mature in the first quarter of 2018. See Note 4 for further information. During 2016, Jefferies issued floating rate puttable notes with an aggregate principal amount of €91.0 million.

The Bank of New York Mellon agrees to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $150.0 million. The Intraday Credit Facility contains a financial covenant, which includes a minimum regulatory net capital requirement. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At December 31, 2017, Jefferies was in compliance with debt covenants under the Intraday Credit Facility.

In December 2015, Jefferies entered into a secured revolving loan facility (“Secured Revolving Loan Facility”) whereby the lender agreed to make available a revolving loan facility in a maximum principal amount of $50.0 million to purchase eligible receivables that met certain requirements as defined in the Secured Revolving Loan Facility agreement. Interest was based on an annual rate equal to the lesser of the LIBOR rate plus 4.25% or the maximum rate as defined in the Secured Revolving Loan Facility agreement. The Secured Revolving Loan Facility was terminated effective January 24, 2017.