We advised the lenders in connection with the incremental facility and amendment

Davis Polk advised the administrative agent in connection with a $250 million upsize incremental and maturity date extension in respect of tranche A revolver commitments established under Cleveland-Cliffs’s $4.75 billion asset-based revolving credit facility.

Founded in 1847, Cleveland-Cliffs is among the largest vertically integrated producers of value-added iron ore and steel products in the North America. From mining to pelletizing to the development and production of finished high value steel products, Cleveland-Cliffs is the only company uniquely positioned to supply both customized iron ore pellets and flat-rolled carbon, stainless and electrical steel products in the United States.

The Davis Polk finance team included partner Monica Holland, counsel Mayer J. Steinman and associates John Foster, Jonathan Morford and Duan Xu. All members of the Davis Polk team are based in the New York office.