TENDER OFFER MAXIMUM AMOUNT INCREASED
Clfifs has announced the early results of its previously announced offer to purchase for cash (the “Tender Offer”), subject to certain terms and conditions, certain of its outstanding 3.95% Senior Notes due 2018 (the “Notes”). It also increased the maximum aggregate principal amount of the Notes to be purchased pursuant to the Tender Offer from $100,000,000 to $123,694,000 (the “Maximum Amount”). Tendered Notes cannot be withdrawn after the Withdrawal deadline, which was 5:00 p.m., New York City time, on August 13, 2015.
Read the complete news release on our Investors site.
GLOBAL IRON AND STEEL OUTLOOK
In June, Cliffs' Chairman, President & CEO Lourenco Goncalves delivered the keynote address to industry professionals at the AISTech 2015 President's Award Breakfast. A transcript of his "Global Iron and Steel Outlook" address is featured in the August issue of Iron and Steel Technology magazine, and is available for download in the "Publications" section of the Association for Iron & Steel Technology's website. In the article, Mr. Goncalves provides an overview of the factors influencing the current pricing environment for iron ore.
Download "Global Iron and Steel Outlook" in PDF Format.
S&P RAISES CLF SENIOR UNSECURED DEBT RATING
Standard & Poor's Ratings Services said today that it raised its issue-level rating on Cliffs' senior unsecured notes to 'B' from 'CCC+'. They also revised the recovery rating on the notes to '4' from '6'. The '4' recovery rating indicates average recovery (50% to 70%; upper half of the range) in the event of a payment default. The 'B' corporate credit rating and stable rating outlook on the company remain unchanged.
S&P's complete press release is available in our News Center. S&P's public ratings and analyses are also made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription).