Cleveland-Cliffs set to redeem all $211 million of 5.9%, 4.8% notes

By Sarah Lizee

Olympia, Wash., Sept. 4 – Cleveland-Cliffs Inc. intends to redeem the roughly $211 million of its outstanding 5.9% senior notes due March 2020 and 4.8% senior notes due October 2020, according to a press release.

The redemption date is expected to be no later than Oct. 8.

The company said it expects total payment to holders to be about $220 million, including make-whole premiums and accrued interest to the redemption date.

The notes will be repaid with cash on hand.

U.S. Bank Global Corporate Trust Services is the trustee and paying agent.

Cleveland Cliffs is a Cleveland-based iron ore mining company.

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