Cleveland-Cliffs lifts conversion rate to 133.0646 on 3.25% convertible preferreds

By Devika Patel

Knoxville, Tenn., May 16 - Cleveland-Cliffs Inc. said it has adjusted the conversion rate of its 3.25% redeemable cumulative convertible perpetual preferred stock to 133.0646 common shares per preferred from 66.1881 common shares per preferred share, effective immediately.

The new conversion rate equates to a conversion price of $7.52 per common share, lowered from the previous conversion price of $15.11 per share.

The adjustment is due to the company's previously announced 2-for-1 stock split on March 11.

Cleveland-Cliffs is a Cleveland-based producer of iron ore pellets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.