Cleveland-Cliffs Inc. Commences Underwritten Public Offering of 75 Million Common Shares

Strategic Insights -

Cleveland-Cliffs Inc. (NYSE: CLF) has commenced an underwritten public offering of 75 million of its common shares, with an option to purchase up to an additional 11.25 million shares. The net proceeds from the offering will be used to repay borrowings under the company's asset-based credit facility, with any remaining funds allocated to general corporate purposes.

The company has filed a new automatically effective shelf registration statement with the Securities and Exchange Commission (SEC) and has submitted a preliminary prospectus supplement describing the terms of the offering. The final prospectus supplement and accompanying prospectus will be available on the SEC's website at www.sec.gov. UBS Securities LLC is acting as underwriter for the offering.

Cleveland-Cliffs is a leading North America-based steel producer, with a focus on value-added sheet products, particularly for the automotive industry. The company employs approximately 30,000 people across its operations in the United States and Canada.

Key Takeaways:

  • Cleveland-Cliffs Inc. has commenced an underwritten public offering of 75 million common shares, with an option to purchase up to an additional 11.25 million shares.
  • The company intends to use the net proceeds from the offering to repay borrowings under its asset-based credit facility, with any remaining funds allocated to general corporate purposes.
  • Cleveland-Cliffs has filed a new automatically effective shelf registration statement with the SEC and has submitted a preliminary prospectus supplement describing the terms of the offering.
  • The final prospectus supplement and accompanying prospectus will be available on the SEC's website at www.sec.gov.
  • UBS Securities LLC is acting as underwriter for the offering.
  • Cleveland-Cliffs is a leading North America-based steel producer, with a focus on value-added sheet products, particularly for the automotive industry.
  • The company employs approximately 30,000 people across its operations in the United States and Canada.

Statistics:

  • 75 million common shares are being offered in the public offering.
  • The option to purchase an additional 11.25 million shares is included in the offering.
  • The net proceeds from the offering will be used to repay borrowings under the company's asset-based credit facility.
  • Cleveland-Cliffs has approximately 30,000 employees across its operations in the United States and Canada.

Sources:

  • Cleveland-Cliffs Inc.
  • UBS Securities LLC
  • Securities and Exchange Commission (SEC)