Cleveland-Cliffs Inc. announced on Tuesday morning, 2025-10-10, that it would float a fresh issue of senior unsecured guaranteed notes due 2034. The initial offering was set at an aggregate principal amount of $200 million and carried an interest rate of just under 7.63%. The notes were intended to extend the company’s existing debt structure.
Shortly after market close that day, the company announced it had upsized the issue by nearly 40%, raising the aggregate principal to $275 million. The new notes were priced at 102.8% of principal, yielding slightly below 7%. The upsizing reflects strong investor demand for the notes.
Proceeds from the enlarged offering will be used to retire debt incurred under an asset‑based lending facility. The move is part of Cleveland-Cliffs’ broader strategy to reduce long‑term debt and improve liquidity. The financing event is a material capital‑raising action that occurred today.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.