Cleveland-Cliffs to redeem 2024, 2025 notes, former AK Steel notes

By Taylor Fox

New York, Feb. 9 – Cleveland-Cliffs Inc. plans to fully redeem its outstanding 4 7/8% senior secured notes due 2024 and 6 3/8% senior guaranteed notes due 2025, according to a news release.

The company will also redeem some notes issued by Cleveland-Cliffs Steel Corp. (formerly AK Steel Corp.) including its 7 5/8% senior notes due 2021, 7½% senior notes due 2023 and 6 3/8% senior notes due 2025.

The redemptions will be funded using proceeds from new notes due 2029 and 2031.

The company is a Cleveland-based iron ore pellet producer.

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