Cleveland-Cliffs $750 million notes offering
The high-yield notes are due 2030
Davis Polk advised the representative of the several initial purchasers in connection with the Rule 144A / Regulation S offering by Cleveland-Cliffs Inc. of $750 million aggregate principal amount of 6.750% senior notes due 2030. 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 also is 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. Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cliffs employs approximately 27,000 people across its operations in the United States and Canada.
The Davis Polk corporate team included partner Shane Tintle and associates Michael Jiang and Juan Diego Tibaduiza. Partner Michael Farber and associate William Liang provided tax advice. Counsel Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.