Cleveland-Cliffs plans to pay down ABL credit facility

By Rebecca Melvin

New York, April 15 – Cleveland-Cliffs Inc. plans to repay a portion of the borrowings outstanding under its ABL facility, according to a news release on Wednesday.

The company will used proceeds of a new offering of notes to fund the repayment.

The company also commenced on Wednesday a $400 million offering to notes due 2025.

Cleveland-Cliffs is a vertically integrated iron ore and steel producer based in Cleveland.

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