Cleveland-Cliffs Inc.

Overview

Deal Type Debt Capital Markets
Size $750 Million
Senior Guaranteed Notes
Client & Transactional Partners Cleveland-Cliffs Inc.
Our Role Co-Manager

Summary

On April 14, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $750 million of Senior Guaranteed Notes (the Notes) for Cleveland-Cliffs Inc. (Cleveland-Cliffs or the Company). The Company intends to use the net proceeds from the Notes to repay a portion of the borrowings under its existing asset-based revolving credit facility. KBCM acted as Co-Manager on the transaction.

Cleveland-Cliffs is the largest flat-rolled steel producer and the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across operations in the United States and Canada.

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