CLEVELAND-CLIFFS INC. (CLF): debt financing — Cleveland-Cliffs issues $750M 6.750% senior notes due 2030; proceeds to repay ABL facility

CLEVELAND-CLIFFS INC.

Issued $750M in 6.750% senior unsecured notes due April 15, 2030, in a private placement.
Net proceeds used to repay a portion of borrowings under the existing asset-based revolving credit facility.
Notes rank equally with unsecured senior debt; structurally subordinated to secured debt and non-guarantor subsidiary liabilities.
Redeemable at make-whole prior to April 15, 2026; thereafter at 103.375% declining to par by 2028.
Up to 35% of notes redeemable with equity offering proceeds at 106.75% before April 2026, subject to 65% remaining.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CLEVELAND-CLIFFS INC. incurred senior notes of $750,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 6.750% maturing April 15, 2030.

Instrument: senior notes
Principal: $750,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 6.750%
Maturity: April 15, 2030
Event: incurrence

Exact text from the filing

On April 14, 2023, Cleveland-Cliffs Inc. (the “Company”) issued $750,000,000 aggregate principal amount of 6.750% senior unsecured guaranteed notes due 2030 (the “Notes”) in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CLEVELAND-CLIFFS INC. entered into Indenture for 6.750% Senior Unsecured Guaranteed Notes due 2030 with U.S. Bank Trust Company, National Association valued at $750,000,000 aggregate principal amount of 6.750% senior unsecured guaranteed notes due 2030 (effective 2023-04-14).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $750,000,000 aggregate principal amount of 6.750% senior unsecured guaranteed notes due 2030
Effective: 2023-04-14

Exact text from the filing

On April 14, 2023, Cleveland-Cliffs Inc. (the “Company”) issued $750,000,000 aggregate principal amount of 6.750% senior unsecured guaranteed notes due 2030 (the “Notes”) in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”).

View on SEC.gov

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Source: SEC EDGAR

accession 0000764065-23-000077

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