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Homebuilding Senior Notes and Other Debts Payable
 9 Months Ended
Aug. 31, 2023
Debt Disclosure [Abstract]  
Homebuilding Senior Notes and Other Debts Payable Homebuilding Senior Notes and Other Debts Payable
(Dollars in thousands)August 31, 2023November 30, 2022
4.875% senior notes due December 2023 (1)
$377,973 399,169 
4.50% senior notes due 2024 (1)
463,407 648,975 
4.75% senior notes due 2025
499,225 498,892 
5.25% senior notes due 2026
403,345 404,257 
5.00% senior notes due 2027
351,453 351,741 
4.75% senior notes due 2027
896,820 896,259 
5.875% senior notes due 2024
— 434,128 
Mortgage notes on land and other debt327,896 413,873 
$3,320,119 4,047,294 
(1)During the three months ended August 31, 2023, the Company repurchased $19.9 million and $30.4 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases. During the nine months ended August 31, 2023, the Company repurchased $21.8 million and $186.2 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases.
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $5.2 million and $7.6 million as of August 31, 2023 and November 30, 2022, respectively.
During the three months ended August 31, 2023, the Company redeemed $425 million aggregate principal amount of its 5.875% senior notes due November 2024 at an early redemption price of 100% of the principal amount outstanding using cash on hand, resulting in a pre-tax gain of $6.0 million, included in Homebuilding other income (expense), net.
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
(In thousands)August 31, 2023
Commitments - maturing in April 2024$350,000 
Commitments - maturing in May 20272,225,000 
Total commitments$2,575,000 
Accordion feature425,000 
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 Facility 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 Annual Report on 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 Annual Report on Form 10-K for the year ended November 30, 2022. The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)August 31, 2023November 30, 2022
Performance letters of credit$1,423,643 1,259,033 
Financial letters of credit399,866 503,659 
Surety bonds4,367,124 4,136,715 
Anticipated future costs primarily for site improvements related to performance surety bonds2,425,037 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 Annual Report on Form 10-K for the year ended November 30, 2022.