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DewDiligence

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DewDiligence

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Re: DewDiligence post# 1945

Thursday, 03/17/2011 5:30:17 PM

Thursday, March 17, 2011 5:30:17 PM

Post# of 30493
CLF issues $1B of 10-/30-year bonds to help pay for the $5B Consolidated Thomson acquisition (#msg-58708254):

http://finance.yahoo.com/news/Cliffs-Natural-Resources-Inc-prnews-3032625726.html?x=0&.v=1

The issue consists of $700M of 10-year bonds @4.9% and $300M of 30-year bonds @6.25%.

As previously noted, I have mixed feelings about this deal, which will surely require a large equity offering at some point. However, I’m glad that at least a portion of the deal will be funded with debt.

p.s. CLF was up 6% today.

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

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