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CLF - The AK Steel/Cleveland-Cliffs Merger: Assessing Fixed Income Opportunities
Cleveland-Cliffs Inc.
As a current AK Steel (AKS) bondholder and a former Cleveland-Cliffs (CLF) bondholder, the announced merger between Cliffs and AK Steel grabbed my attention. I had not studied Cliffs in some time and was left wondering what the combined company would look like and whether or not the merger would lead to additional investment opportunities in fixed income.
According to a presentation made last week, AK Steel shareholders will receive 0.4 shares of Cliffs, and the deal will not create new debt. By my estimates, the deal will increase the number