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DewDiligence

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DewDiligence

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Re: DewDiligence post# 21823

Wednesday, 04/15/2020 5:57:26 PM

Wednesday, April 15, 2020 5:57:26 PM

Post# of 30495
CLF—$400M of 5-yr notes—>yield-to-maturity >10% (ouch):

https://www.sec.gov/Archives/edgar/data/764065/000076406520000151/a202004158-kxpricingxe.htm

Cleveland-Cliffs…announced today that it has priced $400 million aggregate principal amount of Senior Secured Notes due 2025… The Notes will bear interest at an annual rate of 9.875% and will be issued at a price of 94.500% of their principal amount.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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