Notes to Consolidated Financial Statements

For the years ended December 31, 2014 and 2013

  1. Cameco Corporation
  2. Significant accounting policies
  3. Accounting standards
  4. Determination of fair values
  5. Use of estimates and judgments
  6. Discontinued operation
  7. Acquisitions
  8. Accounts receivable
  9. Inventories
  10. Property, plant and equipment
  11. Goodwill and 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. Other liabilities
  1. Provisions
  2. Share capital
  3. Employee benefit expense
  4. Finance costs
  5. Other income (expense)
  6. Income taxes
  7. Per share amounts
  8. Statements of cash flows
  9. Share-based compensation plans
  10. Pension and other post-retirement benefits
  11. Financial instruments and related risk management
  12. Capital management
  13. Segmented information
  14. Group entities
  15. Joint operations
  16. Related parties
  17. Subsequent event

15. Short-term debt

  2014 2013
Promissory note payable $ — $10,601
Commercial paper — 24,974
NUKEM short-term loans — 14,655
Total $ — $50,230

In 2008, a promissory note in the amount of $73,344,000 (US) was issued to finance the acquisition of GLE. No balance was outstanding under this promissory note at December 31, 2014. At December 31, 2013, $9,967,000 (US) of principal was outstanding.

Cameco borrows directly in the commercial paper market. At December 31, 2014, there was no commercial paper outstanding (2013 – $24,974,000).

JV Inkai LLP (Inkai) has a $20,000,000 (US) revolving credit facility that is available until August 11, 2015. While Cameco’s share of this facility is $12,000,000 (US), it acts as a guarantor for the full amount of the facility. No balance was outstanding under this facility at December 31, 2014 or December 31, 2013.

NUKEM has a multicurrency revolving loan facility that is available until February 15, 2018. Total funds of €100,000,000 are available under the facility, which can be drawn in either Euros or US dollars in the form of bank overdrafts, letters of credit, short-term loans or foreign exchange facilities. Any amounts drawn in Euros bear interest at a rate equal to the comparable EURIBOR on the draw date plus 0.9%, while amounts drawn in US dollars bear interest at a rate equal to the comparable LIBOR on the draw date plus 1.3%.

As of December 31, 2014, there were no amounts withdrawn against the facility. At December 31, 2013 NUKEM had drawn a total of €38,130,000 on the facility, of which €28,130,000 was drawn in the form of bank overdrafts and €10,000,000 in the form of short-term loans. As of December 31, 2014, NUKEM has $356,000 (US) in letters of credit outstanding against the facility in support of performance obligations under outstanding delivery contracts (2013 – $693,000 (US)).

The terms of the facility contain a financial covenant that requires NUKEM to maintain a minimum working capital to debt ratio of 1.35. The facility also stipulates Cameco as a guarantor for NUKEM’s withdrawals and requires the Company to maintain a credit rating of at least BBB-. Failure to comply with these covenants could result in cancellation of the facility and accelerated payment of any outstanding amounts. As of December 31, 2014, NUKEM and Cameco were in compliance with the covenants and the Company does not expect its operating and investing activities in 2015 to be constrained by them.