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Corrected March 16, 2011 10:38 ET (14:38 GMT)


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NEW YORK (Dow Jones)--Cliffs Natural Resources Inc. (CLF) said it would reopen
its existing 30-year bond offering and sell a new 10-year issue for a total of $
750 million Wednesday.


The producer and merchant of iron ore and other steel-related products plans
to reopen its 6.25% bonds due Oct. 1, 2040, in addition to selling the new 10-
year piece.


Final pricing is expected later this session via active bookrunners Citigroup
Inc. (C), Bank of America Corp. (BAC) and J.P. Morgan Chase & Co. (JPM).


CLF intends to use the net proceeds from this offering, together with cash on
hand and borrowings under the bridge credit facility and the company's term
loan, to fund the company's acquisition of Consolidated Thompson Iron Mines Ltd.
(CLMZF, CLM.T) and pay related fees and expenses. If the acquisition is not
consummated, the company will be required to redeem the 2021 notes at 101% and
will then use the net proceeds from the 2040 senior notes for general corporate
purposes, which include capital expenditures and other strategic acquisitions.


The deal has been rated Baa3 by Moody's Investors Service and BBB- by Standard
& Poor's.



-By Kellie Geressy-Nilsen; Dow Jones Newswires; 212 416-2225; kellie.geressy@
dowjones.com



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(END) Dow Jones Newswires
03-16-11 1032ET
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