Cleveland-Cliffs $1 billion notes offering
Davis Polk advised the representative of the several initial purchasers in connection with the Rule 144A / Regulation S offering by Cleveland-Cliffs Inc. (“Cliffs”) of $500 million aggregate principal amount of 4.625% senior notes due 2029 and $500 million aggregate principal amount of 4.875% senior notes due 2031. The notes are guaranteed on a senior unsecured basis by certain subsidiaries of Cliffs.
Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs is also the largest supplier of iron ore pellets in North America. In 2020, Cliffs acquired two major steelmakers, AK Steel and ArcelorMittal USA, vertically integrating its legacy iron ore business with quality-focused steel production and emphasis on the automotive end market. Cliffs’ fully integrated portfolio includes custom-made pellets and direct reduced iron; flat-rolled carbon steel, stainless, electrical, plate, tin and long steel products; as well as carbon and stainless steel tubing, hot and cold stamping and tooling. Headquartered in Cleveland, Ohio, Cliffs employs approximately 25,000 people across our mining, steel and downstream manufacturing operations in the United States and Canada.
The Davis Polk corporate team included partner Shane Tintle and associates Yoojin Nairn-Kim and Moses Farzan Nekou. Partner Michael Farber and associate Ben Levenback provided tax advice. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.