Cleveland-Cliffs Inc. Enters Material Definitive Agreement
Ticker: CLF · Form: 8-K · Filed: Aug 16, 2024 · CIK: 764065
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
Cliffs just signed a big deal, watch their financials.
AI Summary
On August 16, 2024, Cleveland-Cliffs Inc. entered into a material definitive agreement related to a direct financial obligation. The company, headquartered in Cleveland, Ohio, filed this 8-K report to disclose this significant event.
Why It Matters
This filing indicates Cleveland-Cliffs Inc. has entered into a significant financial agreement, which could impact its financial obligations and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements, especially those involving financial obligations, can introduce financial risks and operational changes for a company.
Key Players & Entities
- CLEVELAND-CLIFFS INC. (company) — Registrant
- Ohio (jurisdiction) — State of Incorporation
- 200 Public Square, Suite 3300, Cleveland, Ohio 44114-2315 (address) — Principal Executive Offices
- August 16, 2024 (date) — Date of Report
FAQ
What type of material definitive agreement did Cleveland-Cliffs Inc. enter into?
The filing indicates the entry into a material definitive agreement and the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specific details of the agreement are not provided in this excerpt.
When was this agreement entered into?
The earliest event reported, which includes the entry into the material definitive agreement, occurred on August 16, 2024.
What is the principal business address of Cleveland-Cliffs Inc.?
The principal executive offices are located at 200 Public Square, Suite 3300, Cleveland, Ohio 44114-2315.
Under which section of the Securities Exchange Act is this report filed?
This Current Report is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is the IRS Employer Identification Number for Cleveland-Cliffs Inc.?
The IRS Employer Identification Number for Cleveland-Cliffs Inc. is 34-1464672.
Filing Stats: 1,451 words · 6 min read · ~5 pages · Grade level 14.3 · Accepted 2024-08-16 17:17:13
Key Financial Figures
- $0.125 — h registered: Common Shares, par value $0.125 per share CLF New York Stock Exchange
- $600,000,000 — c. (the "Company") issued an additional $600,000,000 aggregate principal amount of 7.000% Se
- $825,000,000 — enture"). The Company previously issued $825,000,000 aggregate principal amount of 7.000% se
Filing Documents
- clf-20240816.htm (8-K) — 35KB
- 0000764065-24-000174.txt ( ) — 163KB
- clf-20240816.xsd (EX-101.SCH) — 2KB
- clf-20240816_lab.xml (EX-101.LAB) — 22KB
- clf-20240816_pre.xml (EX-101.PRE) — 13KB
- clf-20240816_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On August 16, 2024, Cleveland-Cliffs Inc. (the "Company") issued an additional $600,000,000 aggregate principal amount of 7.000% Senior Guaranteed Notes due 2032 (the "Additional Notes") in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The Additional Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The Additional Notes are an issuance of the Company's existing 7.000% Senior Guaranteed Notes due 2032 and were issued pursuant to the indenture, dated as of March 18, 2024 (the "Base Indenture"), among the Company, the guarantors party thereto (the "Guarantors") and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by the first supplemental indenture, dated as of August 16, 2024, among the Company, the Guarantors and the Trustee (the "Supplemental Indenture," and together with the Base Indenture, the "Indenture"). The Company previously issued $825,000,000 aggregate principal amount of 7.000% senior unsecured guaranteed notes due 2032 (the "Initial Notes" and, together with the Additional Notes, the "Notes") pursuant to the Base Indenture. The Additional Notes will be treated as the same class and series as, and otherwise identical to, the Initial Notes other than with respect to the date of issuance and issue price. The Notes bear interest at an annual rate of 7.000%. Interest on the Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2024. The Notes will mature on March 15, 2032. The Notes are the Company's general unsecured senior obligations and rank equally in right of payment with all of the Company's existing and future unsecured senior indebtedness and wil
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CLEVELAND-CLIFFS INC. Date: August 16, 2024 By: /s/ James D. Graham Name: James D. Graham Title: Executive Vice President, Chief Legal and Administrative Officer & Secretary 4