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Long-term debt | 12 Months Ended
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Dec. 31, 2024
Long-term debt [Abstract] |
Long-term debt | 14. Long-term debt 2024 2023 Unsecured debentures Series F - 5.09 % debentures due November 14, 2042 $ 99,395 $ 99,374 Series G - 4.19 % debentures due June 24, 2024 - 499,821 Series H - 2.95 % debentures due October 21, 2027 398,936 398,582 Series I - 4.94 % debentures due May 24, 2031 497,252 - Term loans 285,707 786,397 1,281,290 1,784,174 Less current portion (285,707) (499,821) Total $ 995,583 $ 1,284,353 Cameco has a $ 1,000,000,000 unsecured revolving credit facility that is available until October 1, 2028 . 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 agreement also provides the ability to increase the revolving credit facility above $ 1,000,000,000 by increments no less than $ 50,000,000 , to a total of $ 1,250,000,000 . The facility ranks equally with all of Cameco’s other senior debt. As of December 31, 2024 and 2023, there were no amounts outstanding under this facility. Cameco has $ 1,890,028,000 (2023 - $ 1,771,663,000 ) in letter of credit facilities. Outstanding and committed letters of credit at December 31, 2024 amounted to $ 1,527,815,000 (2023 - $ 1,383,689,000 ), the majority of which relate to future decommissioning and reclamation liabilities (note 16) and CRA reassessments (note 21). On May 24, 2024, Cameco issued $ 500,000,000 of Series I debentures which bear interest at a rate of 4.94 % per annum. The net proceeds of the issue after deducting expenses were approximately $ 497,000,000 . The debentures mature on May 24, 2031 and are being amortized at an effective interest rate of 5.04 %. In conjunction with the issuance of the Series I debentures, on June 24, 2024, the $ 500,000,000 principal amount of the Series G debentures was redeemed. On November 7, 2023, the Company utilized a term loan for $ 600,000,000 (US) to finance the 49 % acquisition of Westinghouse. The term loan consisted of two $ 300,000,000 (US) tranches. The first tranche had a floating interest rate of SOFR plus 1.80 % and was to mature on November 7, 2025. The second tranche had a floating interest rate of SOFR plus 2.05 % and was to mature on November 7, 2026. The second tranche was fully repaid on June 10, 2024. On September 9, 2024, Cameco repaid $ 100,000,000 (US) on the first tranche of the term loan and subsequent to year-end, on January 13, 2025, repaid the remaining $ 200,000,000 (US) balance. Cameco is bound by a covenant in its revolving credit facility and term loan. 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 and term loan. At December 31, 2024, Cameco was in compliance with the covenant and does not expect its operating and investing activities in 2025 to be constrained by it. The table below represents currently scheduled maturities of long-term debt: 2025 2026 2027 2028 2029 Thereafter Total $ 285,707 - 398,936 - - 596,647 $ 1,281,290

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