Cleveland-Cliffs Enters Material Agreement, Incurs Financial Obligation
Ticker: CLF · Form: 8-K · Filed: Oct 22, 2024 · CIK: 764065
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: CLF
TL;DR
Cliffs just signed a big deal and owes money, details to come.
AI Summary
On October 22, 2024, Cleveland-Cliffs Inc. entered into a material definitive agreement and created a direct financial obligation. The filing does not specify the other party involved in the agreement or the exact nature and amount of the financial obligation, but it indicates a significant event for the company.
Why It Matters
This filing signals a new material contract and a direct financial commitment for Cleveland-Cliffs, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — The creation of a direct financial obligation and a material definitive agreement suggests potential financial commitments or risks that are not yet fully disclosed.
Key Players & Entities
- Cleveland-Cliffs Inc. (company) — Registrant
- October 22, 2024 (date) — Date of Report
FAQ
What is the nature of the material definitive agreement entered into by Cleveland-Cliffs Inc.?
The filing states that Cleveland-Cliffs Inc. entered into a material definitive agreement, but the specific details of the agreement are not provided in this initial report.
What is the direct financial obligation incurred by Cleveland-Cliffs Inc.?
The filing indicates the creation of a direct financial obligation by Cleveland-Cliffs Inc., but the exact amount and terms of this obligation are not specified.
Who is the counterparty to the material definitive agreement?
The filing does not disclose the name of the other party involved in the material definitive agreement.
What is the effective date of the material definitive agreement and financial obligation?
The earliest event reported, which includes the entry into the material definitive agreement and the creation of the financial obligation, is dated October 22, 2024.
Are there any off-balance sheet arrangements mentioned in relation to this filing?
The filing mentions the creation of an obligation under an off-balance sheet arrangement of a registrant, but further details are not provided in this report.
Filing Stats: 1,603 words · 6 min read · ~5 pages · Grade level 14.2 · Accepted 2024-10-22 16:47:05
Key Financial Figures
- $0.125 — h registered: Common Shares, par value $0.125 per share CLF New York Stock Exchange
- $900,000,000 — land-Cliffs Inc. (the "Company") issued $900,000,000 aggregate principal amount of 6.875% Se
Filing Documents
- clf-20241022.htm (8-K) — 39KB
- 0000764065-24-000196.txt ( ) — 166KB
- clf-20241022.xsd (EX-101.SCH) — 2KB
- clf-20241022_lab.xml (EX-101.LAB) — 22KB
- clf-20241022_pre.xml (EX-101.PRE) — 13KB
- clf-20241022_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On October 22, 2024, Cleveland-Cliffs Inc. (the "Company") issued $900,000,000 aggregate principal amount of 6.875% Senior Guaranteed Notes due 2029 (the "2029 Notes") and $900,000,000 aggregate principal amount of 7.375% Senior Guaranteed Notes due 2033 (the "2033 Notes" and, together with the 2029 Notes, the "Notes") in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The 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 Notes were issued pursuant to an indenture, dated as of October 22, 2024 (the "Indenture"), among the Company, the guarantors party thereto (the "Guarantors") and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"). The 2029 Notes bear interest at an annual rate of 6.875%, and the 2033 Notes bear interest at an annual rate of 7.375%. Interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2025. The 2029 Notes will mature on November 1, 2029, and the 2033 Notes will mature on May 1, 2033. 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 will rank senior in right of payment to all of the Company's existing and future subordinated indebtedness. The Notes are effectively subordinated to the Company's existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. The Notes are guaranteed on an unsecured senior basis by the Company's material direct and indirect whollyowned domestic subsidiaries and, therefore, are structurally senior to any of the Company's existing and future indebtedne
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: October 22, 2024 By: /s/ James D. Graham Name: James D. Graham Title: Executive Vice President, Chief Legal and Administrative Officer & Secretary 4