Cleveland-Cliffs Amends and Extends ABL Facility Maturity to 2028 - Cleveland-Cliffs (NYSE:CLF)

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2023-06-09 16:17:00  • 3 mins

Cleveland-Cliffs Inc. CLF announced today that it has successfully amended and extended its asset-based lending credit facility (ABL). The amendment extends the maturity date of the facility to June 9, 2028 and transitions the benchmark interest rate from LIBOR to SOFR. The borrowing base of the amended ABL now includes the assets of Ferrous Processing & Trading Company (FPT), which was acquired by Cleveland-Cliffs in November 2021.

With the increased borrowing base, the overall size of the ABL has increased to $4.75 billion, adding $250 million of liquidity. With this transaction, the Company extends its debt maturity runway and now has no debt maturities until 2026. Borrowing costs and other fees did not materially change from the previous ABL facility. The amendment has no impact on net debt.

BofA Securities, Inc. served as Lead Arranger for the ABL Facility. The Company received strong support from the other participants in its bank group, including Wells Fargo, J.P. Morgan, Goldman Sachs, Fifth Third, PNC, Truist, New York Community Bank, BMO, Credit Suisse, MUFG, Regions, Capital One, Barclays, Huntington, ING, U.S. Bank, RBC and First Citizens.

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