CLEVELAND-CLIFFS INC. (CLF): debt financing — Cleveland-Cliffs issues $825M of 7.000% senior notes due 2032 to refinance 2026 secured notes

CLEVELAND-CLIFFS INC.

$825M aggregate principal of 7.000% senior unsecured notes issued March 18, 2024, maturing March 15, 2032.
Net proceeds plus cash used to repurchase or redeem all outstanding 6.750% Senior Secured Notes due 2026.
Interest payable semi-annually in arrears on March 15 and September 15, starting September 15, 2024.
Notes are guaranteed by material domestic subsidiaries; contain customary covenants and change-of-control put at 101%.
Redeemable at make-whole prior to March 15, 2027; thereafter at 103.5% declining to par by March 15, 2029.

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 $825,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 7.000% maturing March 15, 2032.

Instrument: senior notes
Principal: $825,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.000%
Maturity: March 15, 2032
Event: incurrence

Exact text from the filing

On March 18, 2024, Cleveland-Cliffs Inc. (the “Company”) issued $825,000,000 aggregate principal amount of 7.000% senior unsecured guaranteed notes due 2032 (the “Notes”) in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”).

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

CLEVELAND-CLIFFS INC. entered into Indenture with U.S. Bank Trust Company, National Association valued at $825,000,000 aggregate principal amount of 7.000% senior unsecured guaranteed notes due 2032 (effective 2024-03-18).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $825,000,000 aggregate principal amount of 7.000% senior unsecured guaranteed notes due 2032
Effective: 2024-03-18

Exact text from the filing

On March 18, 2024, Cleveland-Cliffs Inc. (the “Company”) issued $825,000,000 aggregate principal amount of 7.000% senior unsecured guaranteed notes due 2032 (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 0000764065-24-000072

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