Cleveland-Cliffs Upsizes And Prices $900M Of Senior Guaranteed Notes Due 2029 And $900M Of Senior Guaranteed Notes Due 2033
Portfolio Pulse from Benzinga Newsdesk
Cleveland-Cliffs has announced the pricing and upsizing of $900M of Senior Guaranteed Notes due 2029 and $900M due 2033. The proceeds will be used to finance the acquisition of Stelco Holdings Inc., expected to close in Q4 2024.
October 08, 2024 | 8:47 pm
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Cleveland-Cliffs has priced $1.8B in Senior Notes to fund its acquisition of Stelco Holdings Inc., expected to close in Q4 2024. The 2029 Notes have a 6.875% interest rate, and the 2033 Notes have a 7.375% interest rate.
The issuance of $1.8B in Senior Notes indicates a strategic move by Cleveland-Cliffs to finance its acquisition of Stelco Holdings Inc. This acquisition is expected to enhance Cliffs' market position, potentially leading to positive investor sentiment and a short-term stock price increase.
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