secwatch.observer — SEC 8-K summary
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Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2025-09-08T23:59:59+00:00
Accession:  0000764065-25-000128
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406525000128/0000764065-25-000128-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406525000128/clf-20250908.htm
  HTML page:      https://secwatch.observer/filing/0000764065-25-000128

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