---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-23-000077"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2023-04-14T23:59:59+00:00"
generated_at: "2026-06-17T02:17:30.672563+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Cleveland-Cliffs issues $750M 6.750% senior notes due 2030; proceeds to repay ABL facility

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-23-000077
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2023-04-14T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406523000077/0000764065-23-000077-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406523000077/clf-20230414.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-23-000077
- JSON: https://secwatch.observer/filing/0000764065-23-000077.json
- Plain text: https://secwatch.observer/filing/0000764065-23-000077.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406523000077/0000764065-23-000077-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406523000077/0000764065-23-000077-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.