Cleveland Cliffs Inc (CLF)

[winchem21]

Is Cleveland-Cliffs the first borrower to structure a debt raise with a CARES claw? Company will look to redeem up to 35% of today's new issue using proceeds of CARES act loan... $CLF #highyield

— Jakema Lewis (@JakemaLewis) April 15, 2020

‘Is Cleveland-Cliffs the first borrower to structure a debt raise with a CARES claw? Company will look to redeem up to 35% of today's new issue using proceeds of CARES act loan... $CLF #highyield”


More CARES loan information from a couple of weeks ago..

https://www.natlawreview.com/article/cares-act-mid-sized-loan-program-overview

“Known Terms and Conditions of Mid-Size Business Assistance Loans

The interest rate to recipients will be capped at 2% per annum. For the first six months after any such direct loan is made, or for a longer period if the Secretary so directs, “no principal or interest is due or payable.” The CARES Act does not set a maximum loan amount or a maximum maturity date.

The loans are not eligible for forgiveness.”