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VALE - Cleveland-Cliffs Debt Management Exercise Is Complete
VALE S.A. American Depositary Shares Each Representing one
Cleveland-Cliffs (CLF) has recently reported that it had completed full redemption of senior notes due 2021, a major milestone in company's debt management since it now has no maturities until 2024. Let's look at what happened in more detail.
Cliffs started the second quarter with the following indebtedness:
On April 29, the company announced that it priced $750 million of senior notes due 2027 at an interest rate of 5.875%. Later, the proceeds from this offering were used for tender of 5.75% senior notes due 2025. The tender