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Homebuilding Senior Notes and Other Debts Payable
 3 Months Ended
Feb. 28, 2025
Debt Disclosure [Abstract]  
Homebuilding Senior Notes and Other Debts Payable Homebuilding Senior Notes and Other Debt Payable
(Dollars in thousands)February 28, 2025November 30, 2024
4.75% senior notes due 2025
$499,890 499,779 
5.25% senior notes due 2026
401,520 401,824 
5.00% senior notes due 2027
350,878 350,974 
4.75% senior notes due 2027
698,411 698,266 
Mortgage notes on land and other debt260,573 307,440 
$2,211,272 2,258,283 
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $2.1 million and $2.4 million as of February 28, 2025 and November 30, 2024, respectively.
In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility"). During the three months ended February 28, 2025, the Company received an additional $150 million in commitments. The maximum available borrowings on the Credit Facility were as follows:
(In thousands)At February 28, 2025
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,800,000 
Total commitments$3,025,000 
Accordion feature475,000 
Total maximum borrowings capacity$3,500,000 
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 $477.5 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, 2024. 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, 2024. The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)February 28, 2025November 30, 2024
Performance letters of credit$1,748,316 1,668,061 
Financial letters of credit924,248 745,578 
Surety bonds5,257,345 5,140,432 
Anticipated future costs primarily for site improvements related to performance surety bonds2,875,118 2,766,088 
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, 2024.