CLEVELAND, March 24, 2017 /PRNewswire/ -- Cliffs Natural
Resources Inc. (NYSE: CLF) announced today the expiration of
and final results for its previously announced offers to purchase
for cash (each offer a "Tender Offer" and collectively, the "Tender
Offers") up to the maximum aggregate principal amount of its
outstanding 5.90% Senior Notes due March
2020 (the "March 2020 Notes"),
4.80% Senior Notes due October 2020
(the "October 2020 Notes") and 4.875%
Senior Notes due April 2021 (the
"2021 Notes" and, collectively with the March 2020 Notes and the October 2020 Notes, the "Securities") that it can
purchase for up to $500.0 million in
aggregate purchase price (the "Maximum Payment Amount"), excluding
accrued and unpaid interest. The Tender Offers expired at
midnight, New York City time, at
the end of the day on March 23, 2017
(the "Expiration Time").
On March 10, 2017, the Company
purchased $134,202,000 in principal
amount of the March 2020 Notes and
$105,354,000 in principal amount of
the October 2020 Notes, that were
validly tendered and not validly withdrawn prior to midnight,
New York City time, at the end of
the day on March 9, 2017 (the
"Original Expiration Time").
According to information received from Global Bondholder
Services Corporation, the Information Agent and Depositary for the
Tender Offers, as of the Expiration Time, the following table sets
forth details regarding the total aggregate principal amount of the
Securities validly tendered and not validly withdrawn after the
Original Expiration Time but prior to the Expiration Time, and the
principal amount of each series of the Securities that will be
accepted for purchase by the Company today:
Title of
Security
|
CUSIP
Number
|
Principal
Amount
Accepted on
3/10/2017
|
Principal
Amount
Outstanding
|
Acceptance
Priority
Level
|
Principal
Amount
Tendered after
3/9/2017
|
Principal
Amount
to be Accepted
on 3/24/2017
|
5.90% Senior
Notes due 2020
|
18683K AA9
|
$134,202,000
|
$91,441,000
|
1
|
$2,562,000
|
$2,562,000
|
4.80% Senior
Notes due 2020
|
18683K AB7
|
$105,354,000
|
$131,476,000
|
2
|
$9,076,000
|
$9,076,000
|
4.875% Senior
Notes due 2021
|
18683K AD3
|
—*
|
$309,437,000
|
3
|
$9,708,000
|
$171,006,000
|
|
* $161,298,000 in
principal amount was validly tendered and not validly withdrawn
prior to the Original Expiration Time.
|
Today, the Company has accepted for purchase all Securities
validly tendered and not validly withdrawn after the Original
Expiration Time but prior to the Expiration Time.
In addition, the Company today issued a notice of redemption for
$35.6 million aggregate principal
amount of its outstanding 8.25% Senior Secured Notes due 2020.
BofA Merrill Lynch and Credit Suisse Securities (USA) LLC served as Dealer Managers for the
Tender Offers. Global Bondholder Services Corporation served as the
Information Agent and Depositary for the Tender Offers. Questions
regarding the Tender Offers may be directed to BofA Merrill Lynch
at 214 North Tryon Street, Charlotte,
North Carolina 28255, Attn: Debt Advisory, (888) 292-0070
(toll-free), (980) 388-3646 (collect).
This press release does not constitute an offer to purchase
securities or a solicitation of an offer to sell any securities or
an offer to sell or the solicitation of an offer to purchase any
securities nor does it constitute an offer or solicitation in any
jurisdiction in which such offer or solicitation is unlawful.
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.
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SOURCE Cliffs Natural Resources Inc.