CLEVELAND-CLIFFS INC. (CLF): debt financing — 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.

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 7.625% maturing January 15, 2034.

Instrument: senior notes
Principal: $850,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.625%
Maturity: January 15, 2034
Event: incurrence

Exact text from the filing

On September 8, 2025, Cleveland-Cliffs Inc. (the “Company”) issued $850,000,000 aggregate principal amount of 7.625% Senior Guaranteed Notes due 2034 (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 0000764065-25-000128

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