Cleveland-Cliffs prices $825M 7% notes due 2032; launches tender for 6.75% 2026 secured notes

CLEVELAND-CLIFFS INC.

Upsized and priced $825M senior unsecured guaranteed notes due 2032 at par, bearing 7% interest.
Launched tender for any and all of its outstanding 6.75% Senior Secured Notes due 2026 at $1,018 per $1,000 principal.
Net proceeds from notes along with cash on hand will fund repurchase or redemption of the secured notes.
Tender offer expires March 13, 2024; settlement expected March 18, 2024, subject to conditions.

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