Cleveland-Cliffs Enters Material Agreement
Ticker: CLF · Form: 8-K · Filed: Sep 13, 2024 · CIK: 764065
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Cliffs just signed a big deal, could mean new debt or obligations.
AI Summary
On September 13, 2024, Cleveland-Cliffs Inc. entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. Specific details regarding the agreement and financial obligations are not provided in this excerpt.
Why It Matters
This filing signals a significant new commitment or obligation for Cleveland-Cliffs, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement and potential financial obligations, which inherently carry risk until more details are disclosed.
Key Players & Entities
- CLEVELAND-CLIFFS INC. (company) — Registrant
- September 13, 2024 (date) — Date of Report
FAQ
What type of material definitive agreement did Cleveland-Cliffs Inc. enter into?
The filing states that Cleveland-Cliffs Inc. entered into a material definitive agreement, but the specific nature of this agreement is not detailed in the provided excerpt.
What is the nature of the direct financial obligation or off-balance sheet arrangement mentioned?
The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for Cleveland-Cliffs Inc., but the specifics are not disclosed in this excerpt.
When was this material definitive agreement entered into?
The material definitive agreement was entered into on September 13, 2024.
What is Cleveland-Cliffs Inc.'s principal executive office address?
Cleveland-Cliffs Inc.'s principal executive office is located at 200 Public Square, Suite 3300, Cleveland, Ohio 44114-2315.
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: 701 words · 3 min read · ~2 pages · Grade level 12.6 · Accepted 2024-09-13 16:33:33
Key Financial Figures
- $0.125 — h registered: Common Shares, par value $0.125 per share CLF New York Stock Exchange
- $4,750,000,000 — tomary conditions, divides the existing $4,750,000,000 of aggregate lending commitments under
- $4,250,000,000 — edit Agreement into two tranches, (x) a $4,250,000,000 tranche of lending commitments availabl
- $500,000,000 — nce with the Credit Agreement and (y) a $500,000,000 tranche of lending commitments availabl
Filing Documents
- clf-20240913.htm (8-K) — 28KB
- 0000764065-24-000181.txt ( ) — 153KB
- clf-20240913.xsd (EX-101.SCH) — 2KB
- clf-20240913_lab.xml (EX-101.LAB) — 22KB
- clf-20240913_pre.xml (EX-101.PRE) — 13KB
- clf-20240913_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On September 13, 2024, Cleveland-Cliffs Inc., an Ohio corporation (the "Company"), entered into the Sixth Amendment to Asset-Based Revolving Credit Agreement (the "Sixth Amendment"), by and among the Company, the lenders party thereto and Bank of America N.A., as administrative agent (the "Agent"). The Sixth Amendment amends that certain Asset-Based Revolving Credit Agreement, dated as of March 13, 2020 (as amended, the "Credit Agreement"), by and among the Company, the lenders from time to time party thereto and the Agent. The Sixth Amendment, among other things, (i) amends the normal conditions for borrowing loans under the Credit Agreement to provide for a more limited set of conditions to borrowing under the Credit Agreement for the purpose of financing a portion of the purchase price of Stelco Holdings Inc., a Canadian corporation ("Stelco"), and (ii) subsequent to the acquisition of Stelco and the satisfaction of customary conditions, divides the existing $4,750,000,000 of aggregate lending commitments under the Credit Agreement into two tranches, (x) a $4,250,000,000 tranche of lending commitments available to be borrowed by the Company and certain U.S. subsidiaries of the Company that are designated as borrowers from time to time in accordance with the Credit Agreement and (y) a $500,000,000 tranche of lending commitments available to be borrowed by certain Canadian subsidiaries of the Company that are designated as borrowers from time to time in accordance with the Credit Agreement. The foregoing description of the Sixth Amendment is not complete and is subject to and entirely qualified by reference to the full text of the Sixth Amendment, a copy of which is anticipated to be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Regis
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: September 13, 2024 By: /s/ James D. Graham Name: James D. Graham Title: Executive Vice President, Chief Legal and Administrative Officer & Secretary 3