---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-25-000128"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2025-09-08T23:59:59+00:00"
generated_at: "2026-05-17T07:48:17.326262+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-25-000128
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2025-09-08T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406525000128/0000764065-25-000128-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406525000128/clf-20250908.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-25-000128
- JSON: https://secwatch.observer/filing/0000764065-25-000128.json
- Plain text: https://secwatch.observer/filing/0000764065-25-000128.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406525000128/0000764065-25-000128-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.