Short-Term Borrowings

Jefferies Group's short-term borrowings, which mature in one year or less, are as follows (in thousands):



	September 30, 2018		December 31, 2017
Bank loans (1)	$	324,021	$	304,651
Floating rate puttable notes	57,985		108,240
Equity-linked notes	—		23,324
Total short-term borrowings	$	382,006	$	436,215

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

At September 30, 2018 and December 31, 2017, the weighted average interest rate on short-term borrowings outstanding was 3.39% and 2.51% per annum, respectively.

During the nine months ended September 30, 2018, Jefferies Group issued equity-linked notes with a principal amount of $70.5 million, which matured on July 12, 2018. These notes were repaid with cash on hand on the maturity date. In addition, during the nine months ended September 30, 2018, Jefferies Group's floating rate puttable notes with principal amounts of €41.0 million and Jefferies Group's equity-linked notes with a principal amount of $23.3 million matured. See Note 3 for further information.

The Bank of New York Mellon has agreed to make revolving intraday credit advances ("Intraday Credit Facility") for an aggregate committed amount of $150.0 million. The Intraday Credit Facility contains financial covenants, which includes a minimum regulatory net capital requirement for Jefferies Group. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. During the nine months ended September 30, 2018, Jefferies Group was in compliance with debt covenants under the Intraday Credit Facility.