Cleveland-Cliffs Amends and Improves its ABL Facility
March 01 2018 - 7:00AM
Business Wire
Cleveland-Cliffs Inc. (NYSE:CLF) today announced
that it has amended its senior secured asset-based lending credit
facility (the "Amended ABL Facility"), extended its maturity and
introduced several improvements to the previous agreement (the
“Initial ABL Facility”), which was put into place in March of 2015.
The changes were introduced in alignment with the Company’s vastly
improved financial condition since the Initial ABL Facility was
adopted, while continuing to provide the Company with the financial
flexibility needed to operate its business and execute its
strategic initiatives. In the Amended ABL Facility the overall size
of the credit facility was reduced from $550 million to $450
million. Borrowing costs and unused commitment fees were also
reduced in the Amended ABL Facility.
The Amended ABL Facility terms are effective Feb. 28, 2018 with
an extended maturity date of Feb. 28, 2023 or 60 days prior to the
maturity of the other existing senior notes. As in the Initial ABL
Facility, Bank of America N.A. served as Lead Arranger for the
Amended ABL Facility. The Company stated that the Amended ABL
Facility received overwhelming support from the other participants
in its bank group, which includes PNC Bank, Goldman Sachs, Credit
Suisse, Deutsche Bank, Citizens Bank, Regions Bank, Huntington Bank
and Jefferies.
About Cleveland-Cliffs Inc.
Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest
independent iron ore mining company in the United States. We are a
major supplier of iron ore pellets to the North American steel
industry from our mines and pellet plants located in Michigan and
Minnesota. Additionally, we operate an iron ore mining complex in
Western Australia. By 2020, Cliffs expects to be the sole producer
of hot briquetted iron (HBI) in the Great Lakes region with the
development of its first production plant in Toledo, Ohio. Driven
by the core values of safety, social, environmental and capital
stewardship, our employees endeavor to provide all stakeholders
with operating and financial transparency. For more information,
visit http://www.clevelandcliffs.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180301005306/en/
Cleveland-Cliffs Inc.Media:Patricia Persico,
216-694-5316Director, Corporate
CommunicationsorInvestors:Paul Finan, 216-694-6544Director,
Investor Relations
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