Cleveland-Cliffs to sell $750m of senior notes
US iron-ore miner Cleveland-Cliffs on Monday announced that it intends to offer to sell, subject to market and other conditions, a $750-million aggregate principal amount of senior notes, due in 2027, in an offering that is exempt from the registration requirements of the Securities Act of 1933.
According to the NYSE-listed company, the notes will be guaranteed on a senior unsecured basis by the company’s material direct and indirect wholly-owned domestic subsidiaries.
Net proceeds from the offering of the notes will be used to redeem all of Cliffs’ outstanding 4.875% senior notes, due in 2021, to fund the $600-million tender offer for its 5.75% senior guaranteed notes, due in 2025, including fees and expenses related to the tender offer and for other general corporate purposes.
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