CLEVELAND-CLIFFS INC. (CLF): debt financing — Cleveland-Cliffs issues $850M of 7.5% Senior Guaranteed Notes due 2031

CLEVELAND-CLIFFS INC.

Issued $850M aggregate principal of 7.500% Senior Guaranteed Notes due September 15, 2031.
Interest payable semi-annually on March 15 and September 15, commencing September 15, 2025.
Notes are unsecured senior obligations; guaranteed by material domestic subsidiaries.
Net proceeds to be used for general corporate purposes, including repayment of ABL borrowings.
Redeemable at make-whole prior to March 15, 2028; thereafter at sliding scale starting at 103.75%.

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 $850,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 7.500% maturing September 15, 2031.

Instrument: senior notes
Principal: $850,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.500%
Maturity: September 15, 2031
Event: incurrence

Exact text from the filing

On February 6, 2025, Cleveland-Cliffs Inc. (the “Company”) issued $850,000,000 aggregate principal amount of 7.500% Senior Guaranteed Notes due 2031 (the “Notes”) in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”).

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Source: SEC EDGAR

accession 0000764065-25-000035

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