Cleveland-Cliffs Inc. announced a proposed offering of $600 million in Senior Unsecured Guaranteed Notes due 2034.
The offering is exempt from the registration requirements of the Securities Act of 1933.
The company plans to use the proceeds to redeem outstanding notes and enhance liquidity.
Offering Details
$600 million aggregate principal amount of Senior Unsecured Guaranteed Notes due 2034 will be offered.
Intended Use of Proceeds
Proceeds will be used to redeem all outstanding 2027 Notes and enhance liquidity.
Guarantees
The Notes will be guaranteed on a senior unsecured basis by Cliffs' material subsidiaries, excluding certain subsidiaries.
- The offering will improve the company's financial flexibility by refinancing existing debt.
- Redeeming the 2027 Notes will lower the company's interest expenses and improve its debt maturity profile.
Cleveland-Cliffs Inc.'s proposed offering of Senior Unsecured Guaranteed Notes reflects its strategic approach to manage debt and maintain strong financial footing in the market.