Cleveland-Cliffs Completes Full Redemption of Senior Notes Due 2020
08 October 2018 - 10:00PM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) announced
today that, as of the close of business on October 5, 2018, it has
redeemed in full, as set forth in notices of redemption issued on
September 5, 2018, all of its outstanding 5.90% senior notes due
March 2020 and 4.80% senior notes due October 2020.
The aggregate principal amount outstanding of
debt redeemed was approximately $211 million. These redemptions
decrease annualized interest expense by approximately $10 million
and extend the Company’s maturity profile.
About Cleveland-Cliffs Inc.
Founded in 1847, Cleveland-Cliffs Inc. is the
largest and oldest independent iron ore mining company in the
United States. We are a major supplier of iron ore pellets to the
North American steel industry from our mines and pellet plants
located in Michigan and Minnesota. By 2020, Cliffs expects to be
the sole producer of hot briquetted iron (HBI) in the Great Lakes
region with the development of its first production plant in
Toledo, Ohio. Driven by the core values of safety, social,
environmental and capital stewardship, our employees endeavor to
provide all stakeholders with operating and financial transparency.
For more information, visit http://www.clevelandcliffs.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181008005231/en/
Cleveland-Cliffs Inc.MEDIA:Patricia Persico,
216-694-5316Director, Corporate
CommunicationsorINVESTORS:Paul Finan, 216-694-6544Director,
Investor Relations
Cleveland Cliffs (NYSE:CLF)
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