Replies to post #2522 on Cleveland Cliffs Inc (CLF)

[DewDiligence]

CLF PRs on $250M bond tender/$500M bond flotation…

http://finance.yahoo.com/news/cliffs-natural-resources-inc-announces-210900879.html ($250M bond tender)
http://finance.yahoo.com/news/cliffs-natural-resources-inc-announces-004400862.html ($500M bond flotation)

Due to the additional money raised in the upsized stock offering (#msg-128608730), the proposed bond flotation has been reduced from $600M to $500M.

[DewDiligence]

Updated prospectus for stock offering @$10.75:

https://www.sec.gov/Archives/edgar/data/764065/000076406517000028/prospectus424b5documentfin.htm

CLF’s net proceeds from the offering (after fees) were $575.5M.

If the underwriter’s 30-day option on 8.25M shares is exercised (which is almost certain given that the stock is trading above the exercise price), CLF will receive an additional $86.3M (after fees) for total proceeds from the stock offering of $661.8M.

(The proceeds from CLF’s bond offering are in addition to the above.)