Cleveland-Cliffs Dips on Note Sale
Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it intends to offer to sell, subject to market and other conditions, $750 million aggregate principal amount of Senior Guaranteed Notes due 2031 in an offering that is exempt from the registration requirements of the Securities Act of 1933. The Notes will be guaranteed on a senior unsecured basis by Cliffs’ material direct and indirect wholly-owned domestic subsidiaries, other than certain excluded subsidiaries.Cliffs intends to use the net proceeds from the Notes for general corporate purposes, including the repayment of borrowings under its asset-based credit facility.Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada.CLF shares collapsed 67 cents, or 6.5%, to $9.57.
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