Cameco moves to reset debt maturity profile
Uranium miner Cameco is taking advantage of the favourable debt capital markets to reset its maturity profile of long-term debt, announcing a private placement of senior unsecured debentures consisting of $400-million of 2.95% senior unsecured debentures, Series H maturing on October 21, 2027.
Cameco would use the net proceeds to redeem, upon closing of the offering on October 21, all its outstanding 3.75% senior unsecured debentures, Series E due November 14, 2022.
“Consistent with the conservative financial management we have demonstrated, like many other companies, we took advantage of currently favourable debt capital markets to reset the maturity profile of our long-term debt,” said senior VP and CFO Grant Isaac.
“With the $500-million reduction in our long-term debt in 2019 and a strong cash position, we have an enviable balance sheet.
“The strength of the long-term uranium market fundamentals give us growing confidence in our ability to continue to layer in the long-term contracts necessary to support the restart of our McArthur River/Key Lake operation and to solidify our role as a low-cost, safe, reliable, commercial supplier of the uranium fuel needed for zero-carbon nuclear electricity generation.”
The Series H Debentures will be direct, unsecured obligations of Cameco and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of Cameco.
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