CLEVELAND, March 15, 2017 /PRNewswire/ -- Cliffs
Natural Resources Inc. (NYSE: CLF) announced today that it
has redeemed in full, as set forth in notices of redemption issued
on February 13, 2017, all of its
outstanding 8.00% 1.5 lien senior secured notes due 2020 and 7.75%
second lien senior secured notes due 2020.
The aggregate principal amount outstanding of debt redeemed was
$649 million. These redemptions
decrease annualized interest expense by over $50 million and further simplify the Company's
capital structure by eliminating two series of secured debt
entirely.
About Cliffs Natural Resources Inc.
Cliffs Natural
Resources Inc. is a leading mining and natural resources company.
Founded in 1847, Cliffs Natural Resources Inc. is recognized as the
largest and oldest independent iron ore mining company in
the United States. The Company is
a major supplier of iron ore pellets to the North American steel
industry from its mines and pellet plants located in Michigan and Minnesota. Cliffs also operates an iron ore
mining complex in Western
Australia. Driven by the core values of safety, social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial
transparency.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cliffs-natural-resources-inc-completes-full-redemption-of-senior-secured-notes-300424002.html
SOURCE Cliffs Natural Resources Inc.