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Message: Re: CLF Selling Bonds
1
Sep 15, 2010 04:21PM
2
Sep 15, 2010 05:23PM
1
Sep 15, 2010 10:58PM

GleeGee,

My apologies. I should have used the term "issuing bonds" for greater clarity. CLF's is issuing $500 MM in 10 year notes and $500 MM in 30 year notes.

Sept 15 (Reuters) - Cliffs Natural Resources Inc (CLF.N)
on Wednesday sold $1 billion of senior unsecured notes in two
parts, said IFR, a Thomson Reuters service.
The size of the deal was increased from an originally
planned $750 million.
Bank of America Merrill Lynch and JP Morgan were the joint
bookrunning managers for the sale.

BORROWER: CLIFFS NATURAL RESOURCES INC

TRANCHE 1
AMT $500 MLN COUPON 4.80 PCT MATURITY 10/1/2020
TYPE SR NTS ISS PRICE 99.793 FIRST PAY 4/1/2011
MOODY'S Baa3 YIELD 4.826 PCT SETTLEMENT 9/20/2010
S&P BBB-MINUS SPREAD 210 BPS PAY FREQ SEMI-ANNUAL
FITCH N/A MORE THAN TREAS MAKE-WHOLE CALL 35 BPS

TRANCHE 2
AMT $500 MLN COUPON 6.25 PCT MATURITY 10/1/2040
TYPE SR NTS ISS PRICE 98.255 FIRST PAY 4/1/2011
MOODY'S Baa3 YIELD 6.381 PCT SETTLEMENT 9/20/2010
S&P BBB-MINUS SPREAD 250 BPS PAY FREQ SEMI-ANNUAL
FITCH N/A MORE THAN TREAS MAKE-WHOLE CALL 40 BPS


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