Cleveland-Cliffs to fully redeem 5¾% senior notes due 2025

Chicago, May 27 – Cleveland-Cliffs Inc. announced that it will fully redeem its $396 million outstanding 5¾% senior guaranteed notes due March 2025, according to a press release.

With the redemption premium, the company expects to pay $407 million for the redemption, plus accrued interest to the redemption date, expected to be on or before June 30.

The notes will be redeemed with available liquidity.

“The redemption of these notes using available liquidity, nearly four years ahead of their maturity date, represents the first step in our mission to achieve zero net debt. Going forward, deleveraging will remain our top priority,” Lourenco Goncalves, chairman, president and chief executive officer of the company, said in the news release.

The issuer is a flat-rolled steel producer based in Cleveland.

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