Reported Earlier: Cleveland-Cliffs Secures $4.75B Amended Asset-Based Lending Facility For Stelco Acquisition, Replaces Goldman Sachs With Increased Commitments From Multiple Banks; CEO Goncalves Highlights Strong Support And Financial Position To Close Deal By Q4 2024
Portfolio Pulse from Benzinga Newsdesk
Cleveland-Cliffs has secured a $4.75 billion amended asset-based lending facility to support its acquisition of Stelco. The facility replaces Goldman Sachs with increased commitments from multiple banks. CEO Goncalves emphasized strong support and a solid financial position to close the deal by Q4 2024.
September 13, 2024 | 6:52 pm
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Cleveland-Cliffs has secured a $4.75 billion lending facility to fund its acquisition of Stelco, replacing Goldman Sachs with commitments from multiple banks. This move strengthens its financial position to close the deal by Q4 2024.
The acquisition of Stelco is a significant strategic move for Cleveland-Cliffs, and securing a $4.75 billion lending facility indicates strong financial backing and confidence from multiple banks. This development is likely to positively impact CLF's stock in the short term as it demonstrates financial strength and commitment to growth.
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IMPORTANCE 90
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