The Rising Influence of Rising Affluence

[DewDiligence]

CLF sells $600M of debt to_fund Stelco acquisition:

https://finance.yahoo.com/news/cleveland-cliffs-inc-announces-upsizing-201100254.html

Cleveland-Cliffs…announced today that it has upsized and priced an additional $600 million aggregate principal amount of Senior Guaranteed Notes due 2032… The Additional Notes will bear interest at an annual rate of 7.000% and will be issued at a price of 99.25% of their principal amount.

…The upsized offering reduces the amount of capital needed to be raised in the forthcoming take-out acquisition financing for the previously announced acquisition of Stelco… Pro-forma liquidity is expected to be approximately $4.3 billion following the completion of this offering.

CLF expects to close the Stelco acquisition in 4Q24.