CLEVELAND, Feb. 27, 2017 /PRNewswire/ -- Cliffs Natural
Resources Inc. (NYSE: CLF) announced today that it has issued
$500 million aggregate principal
amount of 5.75% Senior Notes due 2025. The Notes are guaranteed on
a senior unsecured basis by the Company's material direct and
indirect wholly-owned domestic subsidiaries.
The Company will use the net proceeds from the offering of the
Notes, along with a portion of the net proceeds from its recent
common share offering, to redeem all of its outstanding 8.00% 1.5
lien senior secured notes due 2020 and 7.75% second lien senior
secured notes due 2020. The notices of redemption for each set of
notes were issued on February 13,
2017 and will settle on March 15,
2017.
Lourenco Goncalves, Cliffs'
Chairman, President and Chief Executive Officer, stated, "The
immense success of our recent refinancing is evidence of the
magnitude of our achievements since August
7, 2014. We don't know a lot of companies, particularly in
our space, that could have done what Cliffs has done, including
issuing unsecured notes with a 5-handle. We are pleased that the
market has rewarded the Cliffs team for all of our efforts over the
past two and a half years."
About Cliffs Natural Resources Inc.
Cliffs Natural
Resources Inc. is a leading mining and natural resources company.
Founded in 1847, Cliffs Natural Resources Inc. is recognized as the
largest and oldest independent iron ore mining company in
the United States. The Company is
a major supplier of iron ore pellets to the North American steel
industry from its mines and pellet plants located in Michigan and Minnesota. Cliffs also operates an iron ore
mining complex in Western
Australia. Driven by the core values of safety, social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial
transparency.
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SOURCE Cliffs Natural Resources Inc.