Trade Cases
Cliffs Closes $750M Notes Offering
April 14, 2023
Cleveland-Cliffs said Friday it has closed its previously announced offering of $750 million in unsecured guaranteed notes.
The Cleveland-based steelmaker made the announcement on April 11 for the notes due in 2030, which were priced at 6.75% annual coupon and issued at par.
The company said it intends to use the net proceeds from the notes to repay a portion of the borrowings under its existing asset-based revolving credit facility.
By Ethan Bernard, ethan@steelmarketupdate.com
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