Cleveland-Cliffs (NYSE: CLF) issues $275M more 7.625% 2034 notes

Rhea-AI Filing Summary

Cleveland-Cliffs Inc. disclosed that on October 10, 2025 it issued an additional $275,000,000 aggregate principal amount of 7.625% Senior Guaranteed Notes due 2034 in a private offering exempt from Securities Act registration. These new notes are part of the company’s existing 7.625% Senior Guaranteed Notes due 2034, were issued at 102.75% of principal, and are otherwise identical to the prior series aside from issue date and price.

The notes bear interest at an annual rate of 7.625%, payable semi-annually on January 15 and July 15, starting January 15, 2026, and mature on January 15, 2034. They are unsecured senior obligations, guaranteed on an unsecured senior basis by material wholly owned domestic subsidiaries, and are subject to customary covenants and events of default. The company may redeem the notes at specified premiums before and after January 15, 2029, including an equity-funded redemption feature of up to 35% of the original principal. Cleveland-Cliffs intends to use the net proceeds to repay borrowings under its asset-based credit facility.

Insights

Credit & Capital Structure Analyst

Cleveland-Cliffs adds $275M long-term notes to refinance revolver debt.

Cleveland-Cliffs Inc. issued an additional $275,000,000 of 7.625% Senior Guaranteed Notes due 2034 at a price of 102.75% of principal. These notes are fungible with the company’s existing 7.625% notes due 2034, share the same covenants and guarantees, and extend fixed-rate funding out to January 15, 2034. Interest is paid semi-annually starting January 15, 2026.

The notes are unsecured senior obligations, guaranteed on an unsecured senior basis by material wholly owned domestic subsidiaries, and sit behind secured debt to the extent of collateral value. The indenture includes typical limitations on liens, sale-leasebacks, mergers, and asset transfers, along with a change-of-control offer to repurchase at 101% plus accrued interest. These terms align with standard high-yield senior guaranteed structures.

Cleveland-Cliffs states it intends to use the net proceeds to repay borrowings under its asset-based credit facility, effectively terming out a portion of short-term secured borrowing into longer-dated unsecured notes. The redemption schedule, including make-whole provisions before January 15, 2029 and step-down call premiums thereafter, shapes future refinancing flexibility and potential prepayment decisions.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 10, 2025

CLEVELAND-CLIFFS INC.

(Exact name of registrant as specified in its charter)

Ohio

1-8944

34-1464672

(State or Other Jurisdiction of Incorporation or Organization)

(Commission File Number)

(IRS Employer Identification No.)

200 Public Square,

Suite 3300,

Cleveland,

Ohio

44114-2315

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code: (216) 694-5700

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered:

Common Shares, par value $0.125 per share

CLF

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).
Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On October 10, 2025, Cleveland-Cliffs Inc. (the “Company”) issued an additional $275,000,000 aggregate principal amount of 7.625% Senior Guaranteed Notes due 2034 (the “Additional Notes”) in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Additional Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

The Additional Notes are an issuance of the Company’s existing 7.625% Senior Guaranteed Notes due 2034 and were issued pursuant to the indenture, dated as of September 8, 2025 (the “Base Indenture”), among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of October 10, 2025, among the Company, the Guarantors and the Trustee (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The Company previously issued $850,000,000 aggregate principal amount of 7.625% Senior Guaranteed Notes due 2034 (the “Initial Notes” and, together with the Additional Notes, the “Notes”). The Additional Notes were issued at a price of 102.75% of their principal amount. The Additional Notes are treated as the same class and series as, and otherwise identical to, the Initial Notes other than with respect to the date of issuance and the issue price.

The Notes bear interest at an annual rate of 7.625%. Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2026. The Notes will mature on January 15, 2034.

The Notes are the Company’s general unsecured senior obligations and rank equally in right of payment with all of the Company’s existing and future unsecured senior indebtedness and rank senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The Notes are effectively subordinated to the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. The Notes are guaranteed on an unsecured senior basis by the Company’s material direct and indirect wholly‑owned domestic subsidiaries and, therefore, are structurally senior to any of the Company’s existing and future indebtedness that is not guaranteed by such Guarantors and are structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries that do not guarantee the Notes.

The terms of the Notes are governed by the Indenture. The Indenture contains customary covenants that, among other things, limit the Company’s and its subsidiaries’ ability to create certain liens on property that secure indebtedness, enter into sale and leaseback transactions, merge or consolidate with another company, and transfer or sell all or substantially all of the Company’s assets. Upon the occurrence of a “change of control triggering event,” as defined in the Indenture, the Company is required to offer to repurchase the Notes at 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

The Company may, at its option, redeem some or all of the Notes at any time and from time to time prior to January 15, 2029, at a price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, plus a “make-whole” premium.

From and after January 15, 2029, the Company may, at its option, redeem some or all of the Notes at an initial redemption price of 103.813% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Such redemption price will decline each year after January 15, 2029, and will be 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest, beginning on January 15, 2031.

In addition, at any time and from time to time on or prior to January 15, 2029, the Company may redeem in the aggregate up to 35% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of additional notes) with the net cash proceeds of certain equity offerings, at a redemption price of 107.625%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 65% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of additional notes) issued under the Indenture remain outstanding after each such redemption.

The Indenture contains customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain

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events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the Indenture would allow either the Trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding Notes to accelerate, or in certain cases, would automatically cause the acceleration of, the amounts due under the Notes.

The Company intends to use the net proceeds from the Additional Notes to repay borrowings under its asset-based credit facility.

The foregoing description of the Indenture does not purport to be complete and is qualified in its entirety by reference to the full text of the Base Indenture and the Supplemental Indenture, copies of which are anticipated to be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The terms of the Indenture and the Notes are summarized in Item 1.01 of this Current Report on Form 8-K and are incorporated into this Item 2.03 by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						CLEVELAND-CLIFFS INC.
Date:			October 10, 2025			By:			/s/ James D. Graham
						Name:			James D. Graham
						Title:			Executive Vice President, Chief Legal and Administrative Officer & Secretary

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FAQ

What type of debt did Cleveland-Cliffs (CLF) issue in this 8-K?

Cleveland-Cliffs issued an additional $275,000,000 aggregate principal amount of 7.625% Senior Guaranteed Notes due 2034 in a private transaction exempt from Securities Act registration.

How do the new Cleveland-Cliffs 7.625% notes relate to the existing 2034 notes?

The additional notes are an issuance of the existing 7.625% Senior Guaranteed Notes due 2034 and are treated as the same class and series as the earlier notes, with identical terms other than issue date and issue price.

What interest rate and payment schedule apply to Cleveland-Cliffs' new notes?

The notes bear interest at an annual rate of 7.625%, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026.

When do Cleveland-Cliffs' 7.625% Senior Guaranteed Notes mature?

The 7.625% Senior Guaranteed Notes mature on January 15, 2034, providing Cleveland-Cliffs with long-term fixed-rate financing.

What does Cleveland-Cliffs intend to do with the net proceeds from the additional notes?

Cleveland-Cliffs intends to use the net proceeds from the additional notes to repay borrowings under its asset-based credit facility.

What are the key redemption features of Cleveland-Cliffs' 2034 notes?

Before January 15, 2029, Cleveland-Cliffs may redeem notes at 100% of principal plus interest and a make-whole premium. From January 15, 2029, it may redeem at 103.813% plus interest, with the premium stepping down annually until redemptions at 100% plus interest begin on January 15, 2031. Up to 35% of the original principal may also be redeemed with certain equity offering proceeds at 107.625% plus interest.