CLEVELAND--(BUSINESS WIRE)--Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced
today that it has priced its registered public offering of $400 million
of 5.9% Senior Notes due March 2020. Cliffs expects to close the
offering on March 17, 2010, subject to customary closing conditions. The
net proceeds from the issuance of the Senior Notes are expected to be
used for general corporate purposes, which may include, among other
things, the funding of certain capital expenditures, the repayment of
all or a portion of the Company’s term loan under its credit facility,
the repayment of all or a portion of its share of other debt
obligations, and the funding of other strategic transactions.
The Senior Notes are rated Baa3 by Moody’s Investors Service and BBB- by
Standard & Poor’s Ratings Services.*
Banc of America Securities LLC and J.P. Morgan Securities Inc. are
serving as joint book-running managers for the offering.
A registration statement relating to the Senior Notes has been filed
with and declared effective by the SEC. The offering may be made only by
means of a preliminary prospectus supplement and the accompanying
prospectus. A copy of the preliminary prospectus supplement and
accompanying prospectus relating to this offering may be obtained by
contacting Banc of America Securities LLC toll free at 1-800-294-1322 or
J.P. Morgan Securities Inc. collect at 1-212-834-4533.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state.
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please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html
ABOUT CLIFFS NATURAL RESOURCES INC.
Cliffs Natural Resources Inc. is an international mining and natural
resources company. A member of the S&P 500 Index, we are the largest
producer of iron ore pellets in North America, a major supplier of
direct-shipping lump and fines iron ore out of Australia and a
significant producer of metallurgical coal. With core values of
environmental and capital stewardship, our colleagues across the globe
endeavor to provide all stakeholders operating and financial
transparency as embodied in the Global Reporting Initiative (GRI)
framework. Our Company is organized through three geographic business
units:
The North American business unit is comprised of six iron ore mines
owned or managed in Michigan, Minnesota and Canada and two coking coal
mining complexes located in West Virginia and Alabama. The Asia Pacific
business unit is comprised of two iron ore mining complexes in Western
Australia and a 45% economic interest in a coking and thermal coal mine
in Queensland, Australia. The Latin America business unit includes a 30%
interest in the Amapá Project, an iron ore project in the state of Amapá
in Brazil.
Other projects under development include a biomass production plant in
Michigan and Ring of Fire chromite properties in Ontario, Canada. Over
recent years, Cliffs has been executing a strategy designed to achieve
scale in the mining industry and focused on serving the world's largest
and fastest growing steel markets.
*Note: A securities rating is not a recommendation to buy,
sell or hold securities and may be subject to revision or withdrawal at
any time.
News releases and other information on the Company are available on the
Internet at:
http://www.cliffsnaturalresources.com
or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1.
Follow Cliffs on Twitter at: http://twitter.com/CliffsIR.