One of the reasons stated by CLF on Nov 19 for the bond swap was to generate cash (approx. $500M) so that the existing revolving credit facility could be replaced by a new asset-based revolving credit facility.
Consequently, I doubt that cash generated from asset sales will be used to retire bonds until a $500M cash reserve is established and a new revolving credit facility is obtained.
Relevant Quotes from the original Nov 19 tender offer:
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.