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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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*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:
>www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1.
Follow Cliffs on Twitter at: http://twitter.com/CliffsIR.
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