Cleveland-Cliffs issues $1.8B in 6.875%/7.375% senior notes to fund Stelco acquisition

CLEVELAND-CLIFFS INC.

Issued $900M 6.875% Senior Notes due 2029 and $900M 7.375% Senior Notes due 2033.
Net proceeds to partially finance cash consideration for Stelco acquisition, expected Q4 2024.
Special mandatory redemption at par if Stelco deal not closed by April 14, 2025 (extendable to July 14, 2025).
Notes are unsecured senior obligations, guaranteed by material domestic subsidiaries.
Change-of-control reprice at 101% plus accrued interest; make-whole and equity clawback redemption options.

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