Cliffs raises conversion price on 7% convertibles in lieu of dividend

By Tali Rackner

Norfolk, Va., Jan. 4 – Cliffs Natural Resources Inc. will increase the conversion price of its 7% series A, class A mandatory convertible preferred stock on Feb. 1 in lieu of a cash dividend, according to a press release.

The number of Cliffs common shares in the aggregate to be issued in lieu of the dividend is estimated to be about 1.26 million.

This results in an effective conversion rate of 0.9052 common shares, rather than 0.8621 common shares, per depositary share, each representing 1/40 of a share of series A preferred stock.

Cliffs is a Cleveland-based iron ore and coal-mining company.

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