Cameco (TSX:CCO,NYSE:CCJ)is considering the early redemption, in whole or in part, of its Canadian dollar denominated $300 million 4.70% Senior Unsecured Series C Debentures (Series C Debentures) due September 16, 2015. The debentures were issued in September 2005 and the redemption price would be based on the Government of Canada yield, as defined in the September 16, 2005 supplemental trust indenture between Cameco and CIBC Mellon Trust Company pursuant to which the Series C Debentures were issued.
According to the company’s press release:
Cameco would finance the redemption either through funds available under its unsecured credit facility, or use cash on hand, or use the proceeds from a debt financing that may be undertaken, in whole or part, to refinance the Series C Debentures if market conditions are favourable. Unanticipated developments or circumstances beyond Cameco’s control could result in a decision not to redeem the Series C Debentures and there is no assurance that a redemption will be completed.
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