On Friday August 16, 2024, Cleveland-Cliffs Issued An Additional $600M Aggregate Principal Amount Of 7.000% Senior Guaranteed Notes Due 2032

Author: Benzinga Newsdesk | August 19, 2024 11:26am

On August 16, 2024, Cleveland-Cliffs Inc. (the "Company") issued an additional $600,000,000 aggregate principal amount of 7.000% Senior Guaranteed Notes due 2032 (the "Additional Notes") in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The Additional Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

The Additional Notes are an issuance of the Company's existing 7.000% Senior Guaranteed Notes due 2032 and were issued pursuant to the indenture, dated as of March 18, 2024 (the "Base Indenture"), among the Company, the guarantors party thereto (the "Guarantors") and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by the first supplemental indenture, dated as of August 16, 2024, among the Company, the Guarantors and the Trustee (the "Supplemental Indenture," and together with the Base Indenture, the "Indenture"). The Company previously issued $825,000,000 aggregate principal amount of 7.000% senior unsecured guaranteed notes due 2032 (the "Initial Notes" and, together with the Additional Notes, the "Notes") pursuant to the Base Indenture. The Additional Notes will be treated as the same class and series as, and otherwise identical to, the Initial Notes other than with respect to the date of issuance and issue price.

The Notes bear interest at an annual rate of 7.000%. Interest on the Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2024. The Notes will mature on March 15, 2032.

Posted In: CLF