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CLF - Cleveland-Cliffs Makes First Step In The Deal With AK Steel
Cleveland-Cliffs Inc.
Back on January 14, Cleveland-Cliffs (CLF) announced that it commenced exchange offers related to the company’s deal with AK Steel (AKS). Now, the company has announced the results of these exchange offers:
Source: Cleveland-Cliffs press release
The majority of existing AK Steel notes were tendered for the new 6.375% senior notes due October 15, 2025, and new 7.00% senior notes due March 15, 2027, that will be issued by Cliffs. One of the parts of the financing strategy of the deal is essentially completed:
Source: Cleveland-Cliffs presentation, author’s work