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Homebuilding Senior Notes and Other Debts Payable
 9 Months Ended
Aug. 31, 2022
Debt Disclosure [Abstract]  
Homebuilding Senior Notes and Other Debts Payable Homebuilding Senior Notes and Other Debts Payable
(Dollars in thousands)August 31, 2022November 30, 2021
4.875% senior notes due December 2023
$398,969 398,345 
4.50% senior notes due 2024
648,794 648,253 
5.875% senior notes due 2024
435,296 438,810 
4.75% senior notes due 2025
498,781 498,446 
5.25% senior notes due 2026
404,561 405,497 
5.00% senior notes due 2027
351,837 352,124 
4.75% senior notes due 2027
896,071 895,510 
4.75% senior notes due 2022
— 573,840 
Mortgage notes on land and other debt423,187 441,513 
$4,057,496 4,652,338 
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $8.2 million and $11.0 million as of August 31, 2022 and November 30, 2021, respectively.
During the three months ended August 31, 2022, the Company redeemed early $575 million aggregate principal amount of its 4.75% senior notes due November 2022. The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest.
In May 2022, the Company amended the credit agreement governing its unsecured revolving credit facility (the “Credit Facility") which increased the commitment from $2.5 billion to $2.575 billion and extended the maturity to May 2027, except for $350 million which matures in April 2024. The Credit Facility has a $425 million accordion feature, subject to additional commitments, thus the maximum borrowings are $3.0 billion. 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. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. 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, 2021. The Company's outstanding performance letters of credit and surety bonds are disclosed below:
(In thousands)August 31, 2022November 30, 2021
Performance letters of credit$1,148,595 924,584 
Financial letters of credit547,210 425,843 
Surety bonds3,894,416 3,553,047 
Anticipated future costs primarily for site improvements related to performance surety bonds2,023,081 1,690,861 
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, 2021.