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Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs") announced today that it has upsized and priced $850 million aggregate principal amount of Senior Unsecured Guaranteed Notes due 2034 (the "Notes") in an offering that is exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The Notes will bear interest at an annual rate of 7.625% and will be issued at par. 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. The Notes offering is expected to close on September 8, 2025, subject to the satisfaction of customary closing conditions.
Cliffs intends to use the net proceeds from the Notes to redeem all of its outstanding 5.875% Senior Guaranteed Notes due 2027, 7.00% Senior Guaranteed Notes due 2027 and AK Steel 7.00% Senior Notes due 2027 (collectively, the "2027 Notes") and repay borrowings under its asset-based credit facility.
Posted In: CLF
