- 1. Cameco Corporation
- 2. Significant Accounting Policies
- 3. Explanation of Transition to IFRS
- 4. Accounting Standards
- 5. Determination of Fair Values
- 6. Use of Estimates and Judgments
- 7. Short-Term Investments
- 8. Accounts Receivable
- 9. Inventories
- 10. Property, Plant and Equipment
- 11. Intangible Assets
- 12. Long-Term Receivables, Investments and Other
- 13. Equity-Accounted Investees
- 14. Accounts Payable and Accrued Liabilities
- 15. Short-Term Debt
- 16. Long-Term Debt
- 17. Finance Lease Obligation
- 18. Other Liabilities
- 19. Provisions
- 20. Share Capital
- 21. Employee Benefit Expense
- 22. Finance Costs
- 23. Other Income
- 24. Income Taxes
- 25. Per Share Amounts
- 26. Statements of Cash Flows
- 27. Share-Based Compensation Plans
- 28. Pension and Other Post-Retirement Benefits
- 29. Financial Instruments and Related Risk Management
- 30. Capital Management
- 31. Commitments and Contingencies
- 32. Segmented Information
- 33. Group Entities
- 34. Jointly Controlled Assets
- 35. Jointly Controlled Entities
- 36. Acquisition of Controlling Interest in UFP Investments LLC (“UFP”)
- 37. Related Parties
16. Long-Term Debt
|Debentures - Series C||$298,993||$298,721||$298,449|
|Debentures - Series D||496,152||495,762||495,393|
|JV Inkai LLP||6,126||–||–|
Cameco has $299,000,000 outstanding in senior unsecured debentures (Series C). These debentures bear interest at a rate of 4.70% per annum (effective interest rate of 4.79%) and mature on September 16, 2015.
On September 2, 2009, Cameco issued debentures (Series D) in the amount of $500,000,000. These debentures bear interest at a rate of 5.67% per annum (effective interest rate of 5.80%) and mature on September 2, 2019. The proceeds of the issue after deducting expenses were $495,300,000.
In February 2009, Cameco concluded an arrangement for a $100,000,000 unsecured revolving credit facility. The original maturity date of the facility was February 5, 2010, however, in November 2010, upon mutual agreement with the lender, this facility was further extended to February 4, 2012. On November 1, 2011, Cameco cancelled this facility.
On November 1, 2011, Cameco amended and extended the term of our $500,000,000 unsecured revolving credit facility that was maturing November 30, 2012. This credit facility was increased to $1,250,000,000 and now matures on November 1, 2016. Upon mutual agreement, the facility can be extended for an additional year on the anniversary date. In addition to direct borrowings under the facility, up to $100,000,000 can be used for the issuance of letters of credit and, to the extent necessary, it may be used to provide liquidity support for the Company's commercial paper program. The facility ranks equally with all of our other senior debt. As of December 31, 2011 there were no amounts outstanding under this facility. The agreement provides the ability to increase the revolving credit facility above $1,250,000,000 by no less than increments of $50,000,000, up to a total of $1,750,000,000.
Cameco is bound by a covenant in its revolving credit facility. The covenant requires a funded debt to tangible net worth ratio equal to or less than 1:1. Non-compliance with this covenant could result in accelerated payment and termination of the revolving credit facility. At December 31, 2011, Cameco was in compliance with the covenant and does not expect its operating and investing activities in 2012 to be constrained by it.
Cameco has $693,094,000 ($400,614,000 and $287,591,000 (US)) in letter of credit facilities. The majority of the outstanding letters of credit at December 31, 2011 relate to future decommissioning and reclamation liabilities [note 19] and amounted to $664,575,000 ($395,606,000 and $264,186,000 (US)) (2010 - $549,533,000 ($395,818,000 and $153,987,000 (US)).
Inkai has a $20,000,000 (US) revolving credit facility that is available until August 11, 2014. As at December 31, 2011, Inkai had $10,000,000 (US) outstanding under this facility. Cameco's share of this facility and the amount outstanding under it is $12,000,000 (US) and $6,000,000 (US) respectively.
The table below represents currently scheduled maturities of long-term debt over the next five years.