DEBT AND CREDIT FACILITIES (Tables)
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3 Months Ended |
Mar. 31, 2020 |
Mar. 31, 2019 |
| Debt Instrument, Redemption [Line Items] |
听
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听
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| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt:
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(In Millions) |
March听31, 2020 |
Debt Instrument |
听 |
Issuer1
|
听 |
Annual Effective
Interest Rate
|
听 |
Total Principal Amount |
听 |
Debt Issuance Costs |
听 |
Unamortized Premiums (Discounts) |
听 |
Total Debt |
Senior Secured Notes: |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
4.875% 2024 Senior Secured Notes |
听 |
Cliffs |
听 |
5.00% |
听 |
$ |
400.0 |
|
听 |
$ |
(4.3 |
) |
听 |
$ |
(1.7 |
) |
听 |
$ |
394.0 |
|
6.75% 2026 Senior Secured Notes |
听 |
Cliffs |
听 |
7.00% |
听 |
725.0 |
|
听 |
(20.3 |
) |
听 |
(8.8 |
) |
听 |
695.9 |
|
Senior Unsecured Notes: |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
7.625% 2021 AK Senior Notes |
听 |
AK AG真人平台AG真人试玩 |
听 |
7.33% |
听 |
33.5 |
|
听 |
鈥� |
|
听 |
0.1 |
|
听 |
33.6 |
|
7.50% 2023 AK Senior Notes |
听 |
AK AG真人平台AG真人试玩 |
听 |
6.17% |
听 |
12.8 |
|
听 |
鈥� |
|
听 |
0.5 |
|
听 |
13.3 |
|
6.375% 2025 Senior Notes |
听 |
Cliffs |
听 |
8.11% |
听 |
231.8 |
|
听 |
(0.9 |
) |
听 |
(17.9 |
) |
听 |
213.0 |
|
6.375% 2025 AK Senior Notes |
听 |
AK AG真人平台AG真人试玩 |
听 |
8.11% |
听 |
38.4 |
|
听 |
鈥� |
|
听 |
(3.0 |
) |
听 |
35.4 |
|
1.50% 2025 Convertible Senior Notes |
听 |
Cliffs |
听 |
6.26% |
听 |
316.3 |
|
听 |
(4.4 |
) |
听 |
(62.2 |
) |
听 |
249.7 |
|
5.75% 2025 Senior Notes |
听 |
Cliffs |
听 |
6.01% |
听 |
473.3 |
|
听 |
(3.5 |
) |
听 |
(5.3 |
) |
听 |
464.5 |
|
7.00% 2027 Senior Notes |
听 |
Cliffs |
听 |
9.24% |
听 |
335.4 |
|
听 |
(1.3 |
) |
听 |
(38.4 |
) |
听 |
295.7 |
|
7.00% 2027 AK Senior Notes |
听 |
AK AG真人平台AG真人试玩 |
听 |
9.24% |
听 |
56.3 |
|
听 |
鈥� |
|
听 |
(6.4 |
) |
听 |
49.9 |
|
5.875% 2027 Senior Notes |
听 |
Cliffs |
听 |
6.49% |
听 |
750.0 |
|
听 |
(6.2 |
) |
听 |
(26.6 |
) |
听 |
717.2 |
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6.25% 2040 Senior Notes |
听 |
Cliffs |
听 |
6.34% |
听 |
298.4 |
|
听 |
(2.1 |
) |
听 |
(3.2 |
) |
听 |
293.1 |
|
IRBs due 2020 to 2028 |
听 |
AK AG真人平台AG真人试玩 |
听 |
Various |
听 |
99.3 |
|
听 |
鈥� |
|
听 |
2.5 |
|
听 |
101.8 |
|
ABL Facility |
听 |
Cliffs2
|
听 |
2.33% |
听 |
2,000.0 |
|
听 |
鈥� |
|
听 |
鈥� |
|
听 |
800.0 |
|
Total long-term debt |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
$ |
4,357.1 |
|
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
1听Unless otherwise noted, references in this column to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK AG真人平台AG真人试玩" are to AK AG真人平台AG真人试玩 Corporation.
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2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
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(In Millions) |
December听31, 2019 |
Debt Instrument |
听 |
Issuer1
|
听 |
Annual Effective
Interest Rate
|
听 |
Total Principal Amount |
听 |
Debt Issuance Costs |
听 |
Unamortized Discounts |
听 |
Total Debt |
Senior Secured Notes: |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
4.875% 2024 Senior Notes |
听 |
Cliffs |
听 |
5.00% |
听 |
$ |
400.0 |
|
听 |
$ |
(4.6 |
) |
听 |
$ |
(1.8 |
) |
听 |
$ |
393.6 |
|
Senior Unsecured Notes: |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
1.50% 2025 Convertible Senior Notes |
听 |
Cliffs |
听 |
6.26% |
听 |
316.3 |
|
听 |
(4.6 |
) |
听 |
(65.0 |
) |
听 |
246.7 |
|
5.75% 2025 Senior Notes |
听 |
Cliffs |
听 |
6.01% |
听 |
473.3 |
|
听 |
(3.6 |
) |
听 |
(5.5 |
) |
听 |
464.2 |
|
5.875% 2027 Senior Notes |
听 |
Cliffs |
听 |
6.49% |
听 |
750.0 |
|
听 |
(6.3 |
) |
听 |
(27.3 |
) |
听 |
716.4 |
|
6.25% 2040 Senior Notes |
听 |
Cliffs |
听 |
6.34% |
听 |
298.4 |
|
听 |
(2.2 |
) |
听 |
(3.3 |
) |
听 |
292.9 |
|
Former ABL Facility |
听 |
Cliffs2
|
听 |
N/A |
听 |
450.0 |
|
听 |
N/A |
|
听 |
N/A |
|
听 |
鈥� |
|
Total long-term debt |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
$ |
2,113.8 |
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听 |
听 |
听 |
听 |
听 |
听 |
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听 |
听 |
听 |
1 Unless otherwise noted, references in this column to "Cliffs" are to Cleveland-Cliffs Inc.
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2听Refers to Cleveland-Cliffs Inc. and certain of its subsidiaries as borrowers under our Former ABL Facility.
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听
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| Schedule of Extinguishment of Debt |
The following is a summary of the debt extinguished and the respective gain on extinguishment:
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(In Millions) |
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听 |
Three Months Ended
March 31, 2020
|
Debt Instrument |
听 |
Debt Extinguished |
听 |
Gain on Extinguishment1
|
7.625% 2021 AK Senior Notes |
听 |
$ |
372.7 |
|
听 |
$ |
0.4 |
|
7.50% 2023 AK Senior Notes |
听 |
367.2 |
|
听 |
2.8 |
|
听 |
听 |
$ |
739.9 |
|
听 |
$ |
3.2 |
|
听 |
听 |
听 |
听 |
听 |
1 The gain on extinguishment relates to the March 27, 2020 purchases.
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The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
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听 |
(In Millions) |
听 |
听 |
Three Months Ended
March 31, 2019
|
Debt Instrument |
听 |
Debt Extinguished |
听 |
(Loss) on Extinguishment |
4.875% 2021 Senior Notes |
听 |
$ |
10.0 |
|
听 |
$ |
(0.3 |
) |
听 |
听 |
$ |
10.0 |
|
听 |
$ |
(0.3 |
) |
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| Schedule of Line of Credit Facilities |
The following represents a summary of our borrowing capacity under the ABL Facility:
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听 |
听 |
(In Millions) |
听 |
听 |
March听31,
2020 |
Available borrowing base on ABL Facility1
|
听 |
$ |
1,789.3 |
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Borrowings |
听 |
(800.0 |
) |
Letter of credit obligations2
|
听 |
(199.3 |
) |
Borrowing capacity available |
听 |
$ |
790.0 |
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听
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| Schedule of Maturities of Long-term Debt |
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March听31, 2020:
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听 |
(In Millions) |
听 |
听 |
Maturities of Debt |
2020 (remaining period of year)1
|
听 |
$ |
7.3 |
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2021 |
听 |
33.5 |
|
2022 |
听 |
鈥� |
|
2023 |
听 |
12.8 |
|
2024 |
听 |
462.0 |
|
Thereafter |
听 |
4,054.9 |
|
Total maturities of debt |
听 |
$ |
4,570.5 |
|
听 |
听 |
听 |
1听Amounts maturing in 2020 are classified as Long-term debt听based on our ability and intent to refinance on a long-term basis.
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听
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| 6.375% 2025 Senior Notes [Member] |
听
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听
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| Debt Instrument, Redemption [Line Items] |
听
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听
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| Debt Instrument Redemption |
The following is a summary of redemption prices for our 6.375% 2025 Senior Notes:
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Redemption Period |
听 |
Redemption Price1
|
听 |
Restricted Amount |
Prior to October 15, 2020 - using proceeds of equity issuance |
听 |
106.375 |
% |
听 |
Up to 35% of original aggregate principal |
Prior to October 15, 20202
|
听 |
100.000 |
听 |
听 |
听 |
Beginning on October 15, 2020 |
听 |
103.188 |
听 |
听 |
听 |
Beginning on October 15, 2021 |
听 |
101.594 |
听 |
听 |
听 |
Beginning on October 15, 2022 and thereafter |
听 |
100.000 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
1 听Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
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2听听Plus a "make-whole" premium.
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听
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| 7.00% 2027 Senior Notes [Member] |
听
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听
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| Debt Instrument, Redemption [Line Items] |
听
|
听
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| Debt Instrument Redemption |
The following is a summary of redemption prices for our 7.00% 2027 Senior Notes:
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Redemption Period |
听 |
Redemption Price1
|
Prior to March 15, 20222
|
听 |
100.000 |
% |
Beginning on March 15, 2022 |
听 |
103.500 |
听 |
Beginning on March 15, 2023 |
听 |
102.333 |
听 |
Beginning on March 15, 2024 |
听 |
101.167 |
听 |
Beginning on March 15, 2025 and thereafter |
听 |
100.000 |
听 |
听 |
听 |
听 |
听 |
1听听Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
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2听听Plus a "make-whole" premium.
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听
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| 7.50% 2023 AK Senior Notes [Member] |
听
|
听
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| Debt Instrument, Redemption [Line Items] |
听
|
听
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 7.50% 2023 AK Senior Notes:
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Redemption Period |
听 |
Redemption Price1
|
Prior to July 15, 2020 |
听 |
103.750 |
% |
Beginning on July 15, 2020 |
听 |
101.875 |
听 |
Beginning on July 15, 2021 and thereafter |
听 |
100.000 |
听 |
听 |
听 |
听 |
听 |
1听听Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
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听
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| 6.375% 2025 AK Senior Notes [Member] |
听
|
听
|
| Debt Instrument, Redemption [Line Items] |
听
|
听
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 6.375% 2025 AK Senior Notes:
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Redemption Period |
听 |
Redemption Price1
|
Prior to October 15, 20202
|
听 |
100.000 |
% |
Beginning on October 15, 2020 |
听 |
103.188 |
听 |
Beginning on October 15, 2021 |
听 |
101.594 |
听 |
Beginning on October 15, 2022 and thereafter |
听 |
100.000 |
听 |
听 |
听 |
听 |
听 |
1听听Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
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2听听Plus a "make-whole" premium.
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听
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| 6.75% 2026 Senior Notes [Member] |
听
|
听
|
| Debt Instrument, Redemption [Line Items] |
听
|
听
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for our 6.75% 2026 Senior Secured Notes:
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Redemption Period |
听 |
Redemption Price1
|
听 |
Restricted Amount |
Prior to March 15, 2022 - using proceeds of equity issuance |
听 |
106.750 |
% |
听 |
Up to 35% of original aggregate principal |
Prior to March 15, 20222
|
听 |
100.000 |
听 |
听 |
听 |
Beginning on March 15, 2022 |
听 |
105.063 |
听 |
听 |
听 |
Beginning on March 15, 2023 |
听 |
103.375 |
听 |
听 |
听 |
Beginning on March 15, 2024 |
听 |
101.688 |
听 |
听 |
听 |
Beginning on March 15, 2025 and thereafter |
听 |
100.000 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
听 |
1听听Plus accrued and unpaid interest, if any, up to, but excluding, the redemption date.
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2听听Plus a "make-whole" premium.
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听
|
| 7.00% 2027 AK Senior Notes [Member] |
听
|
听
|
| Debt Instrument, Redemption [Line Items] |
听
|
听
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 7.00% 2027 AK Senior Notes:
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|
Redemption Period |
听 |
Redemption Price1
|
Prior to March 15, 20222
|
听 |
100.000 |
% |
Beginning on March 15, 2022 |
听 |
103.500 |
听 |
Beginning on March 15, 2023 |
听 |
102.333 |
听 |
Beginning on March 15, 2024 |
听 |
101.167 |
听 |
Beginning on March 15, 2025 and thereafter |
听 |
100.000 |
听 |
听 |
听 |
听 |
听 |
1听听Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
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2听听Plus a "make-whole" premium.
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听
|