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    Cliff's Natural Resources: Results of Exchange Offers in Line With Expectations

    Teresa Matich
    Feb. 29, 2016 09:29AM PST
    Base Metals Investing

    Cliff’s Natural Resources (NYSE:CLF) reported on results of its private offers to certain eligible holders to exchange its newly issued 8.00% 1.5 Lien Senior Secured Notes due 2020. The company stated that results of the offers were “very much in line” with expectations.

    Cliff’s Natural Resources (NYSE:CLF) reported on results of its private offers to certain eligible holders to exchange its newly issued 8.00% 1.5 Lien Senior Secured Notes due 2020. The company stated that results of the offers were “very much in line” with expectations.
    As quoted in the press release:

    The Company has accepted for exchange approximately $512 million aggregate principal amount of Existing Notes that were tendered in the Exchange Offers for approximately $219 million aggregate principal amount of New 1.5 Lien Notes as of 5:00 p.m., New York City time, on February 26, 2016 (the “Expiration Date”). Eligible holders of Existing Notes accepted for exchange in the Exchange Offers will also receive a cash payment equal to the accrued and unpaid interest in respect of such Existing Notes from the applicable most recent interest payment date to, but not including, the settlement date of the Exchange Offers. Interest on the New 1.5 Lien Notes will accrue from such settlement date.

    Cliff’s President and CEO, Lourenco Concalves, said:

    The final results of these exchange offers came very much in line with our expectations and represent yet another step in improving our balance sheet with the use of liability management activities. This transaction will result in debt reduction of $293 million and annual interest expense reduction of approximately $14 million, while leaving ample 1.5 lien note capacity available for possible future transactions.

    Click here for the full press release.

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