WASHINGTON (dpa-AFX) - Cleveland-Cliffs Inc. (CLF), a flat-rolled steel producer, on Wednesday said it plans to offer $600 million aggregate principal amount of senior unsecured guaranteed notes due 2034.
The notes will be guaranteed on a senior unsecured basis by its material wholly owned domestic subsidiaries, excluding certain subsidiaries.
The company said it intends to use the net proceeds, along with existing liquidity, to redeem all of its outstanding 5.875% senior guaranteed notes due 2027, 7.00% senior guaranteed notes due 2027, and AK Steel 7.00% senior notes due 2027.
On Tuesday, Cleveland-Cliffs closed trading, 2.79% lesser at $10.45 on the New York Stock Exchange.
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