Cleveland-Cliffs gets $500 million revolver

By Sara Rosenberg

New York, June 26 - Cleveland-Cliffs Inc. closed on a new $500 million five-year unsecured revolving credit facility, according to a company news release.

Fifth Third Bank and Bank of America Corp. acted as the lead banks on the deal.

The new revolver replaces the company's existing $350 million unsecured revolver that was scheduled to expire in March 2007.

Cleveland-Cliffs is a Cleveland-based producer of iron ore pellets.

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