Cleveland-Cliffs Plans To Offer $1.6 Bln Of Senior Notes

(RTTNews) - Steel manufacturer Cleveland-Cliffs, Inc. (CLF) announced said on Tuesday that it intends to sell $800 million aggregate principal amount of senior guaranteed notes due 2029, and $800 million aggregate principal amount of senior guaranteed notes due 2033.

The company intends to use the net proceeds from the offering to finance a portion of the cash consideration in connection with the acquisition of Stelco Holdings Inc., which Cliffs expects to complete in the fourth quarter of 2024.

This offering is not conditioned upon the completion of the Stelco Acquisition.

However, in the event that the Stelco Acquisition is not consummated, the Notes will be subject to a special mandatory redemption at a price equal to 100% of the initial issue price of the applicable Notes plus accrued and unpaid interest from the issue date to, but excluding, the date of such special mandatory redemption.