Cleveland-Cliffs issues $850M 7.625% notes due 2034 to refinance 2027 notes and ABL

CLEVELAND-CLIFFS INC.

Issued $850M aggregate principal of 7.625% Senior Guaranteed Notes maturing Jan 15, 2034; interest payable semiannually.
Net proceeds will redeem $685M of existing notes due 2027 (5.875%, 7.0%, AK Steel 7.0%) and repay ABL borrowings.
Notes are unsecured senior obligations, guaranteed by material domestic subsidiaries, structurally senior to non-guaranteed debt.
Make-whole redemption before Jan 2029; thereafter redemption price starts at 103.813%, declining to 100% by Jan 2031.
Change of control triggering event requires offer to repurchase notes at 101% of principal plus accrued interest.

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