DEBT AND CREDIT FACILITIES (Tables)
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3 Months Ended |
Mar. 31, 2020 |
Mar. 31, 2019 |
| Debt Instrument, Redemption [Line Items] |
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|
| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt:
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(In Millions) |
March 31, 2020 |
Debt Instrument |
|
Issuer1
|
|
Annual Effective
Interest Rate
|
|
Total Principal Amount |
|
Debt Issuance Costs |
|
Unamortized Premiums (Discounts) |
|
Total Debt |
Senior Secured Notes: |
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|
|
|
|
4.875% 2024 Senior Secured Notes |
|
Cliffs |
|
5.00% |
|
$ |
400.0 |
|
|
$ |
(4.3 |
) |
|
$ |
(1.7 |
) |
|
$ |
394.0 |
|
6.75% 2026 Senior Secured Notes |
|
Cliffs |
|
7.00% |
|
725.0 |
|
|
(20.3 |
) |
|
(8.8 |
) |
|
695.9 |
|
Senior Unsecured Notes: |
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|
|
|
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7.625% 2021 AK Senior Notes |
|
AK Steel |
|
7.33% |
|
33.5 |
|
|
— |
|
|
0.1 |
|
|
33.6 |
|
7.50% 2023 AK Senior Notes |
|
AK Steel |
|
6.17% |
|
12.8 |
|
|
— |
|
|
0.5 |
|
|
13.3 |
|
6.375% 2025 Senior Notes |
|
Cliffs |
|
8.11% |
|
231.8 |
|
|
(0.9 |
) |
|
(17.9 |
) |
|
213.0 |
|
6.375% 2025 AK Senior Notes |
|
AK Steel |
|
8.11% |
|
38.4 |
|
|
— |
|
|
(3.0 |
) |
|
35.4 |
|
1.50% 2025 Convertible Senior Notes |
|
Cliffs |
|
6.26% |
|
316.3 |
|
|
(4.4 |
) |
|
(62.2 |
) |
|
249.7 |
|
5.75% 2025 Senior Notes |
|
Cliffs |
|
6.01% |
|
473.3 |
|
|
(3.5 |
) |
|
(5.3 |
) |
|
464.5 |
|
7.00% 2027 Senior Notes |
|
Cliffs |
|
9.24% |
|
335.4 |
|
|
(1.3 |
) |
|
(38.4 |
) |
|
295.7 |
|
7.00% 2027 AK Senior Notes |
|
AK Steel |
|
9.24% |
|
56.3 |
|
|
— |
|
|
(6.4 |
) |
|
49.9 |
|
5.875% 2027 Senior Notes |
|
Cliffs |
|
6.49% |
|
750.0 |
|
|
(6.2 |
) |
|
(26.6 |
) |
|
717.2 |
|
6.25% 2040 Senior Notes |
|
Cliffs |
|
6.34% |
|
298.4 |
|
|
(2.1 |
) |
|
(3.2 |
) |
|
293.1 |
|
IRBs due 2020 to 2028 |
|
AK Steel |
|
Various |
|
99.3 |
|
|
— |
|
|
2.5 |
|
|
101.8 |
|
ABL Facility |
|
Cliffs2
|
|
2.33% |
|
2,000.0 |
|
|
— |
|
|
— |
|
|
800.0 |
|
Total long-term debt |
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|
$ |
4,357.1 |
|
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1 Unless otherwise noted, references in this column to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation.
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2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
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(In Millions) |
December 31, 2019 |
Debt Instrument |
|
Issuer1
|
|
Annual Effective
Interest Rate
|
|
Total Principal Amount |
|
Debt Issuance Costs |
|
Unamortized Discounts |
|
Total Debt |
Senior Secured Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
4.875% 2024 Senior Notes |
|
Cliffs |
|
5.00% |
|
$ |
400.0 |
|
|
$ |
(4.6 |
) |
|
$ |
(1.8 |
) |
|
$ |
393.6 |
|
Senior Unsecured Notes: |
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|
|
|
|
|
|
|
|
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1.50% 2025 Convertible Senior Notes |
|
Cliffs |
|
6.26% |
|
316.3 |
|
|
(4.6 |
) |
|
(65.0 |
) |
|
246.7 |
|
5.75% 2025 Senior Notes |
|
Cliffs |
|
6.01% |
|
473.3 |
|
|
(3.6 |
) |
|
(5.5 |
) |
|
464.2 |
|
5.875% 2027 Senior Notes |
|
Cliffs |
|
6.49% |
|
750.0 |
|
|
(6.3 |
) |
|
(27.3 |
) |
|
716.4 |
|
6.25% 2040 Senior Notes |
|
Cliffs |
|
6.34% |
|
298.4 |
|
|
(2.2 |
) |
|
(3.3 |
) |
|
292.9 |
|
Former ABL Facility |
|
Cliffs2
|
|
N/A |
|
450.0 |
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|
N/A |
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|
N/A |
|
|
— |
|
Total long-term debt |
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|
$ |
2,113.8 |
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1 Unless otherwise noted, references in this column to "Cliffs" are to Cleveland-Cliffs Inc.
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2 Refers to Cleveland-Cliffs Inc. and certain of its subsidiaries as borrowers under our Former ABL Facility.
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| Schedule of Extinguishment of Debt |
The following is a summary of the debt extinguished and the respective gain on extinguishment:
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(In Millions) |
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Three Months Ended
March 31, 2020
|
Debt Instrument |
|
Debt Extinguished |
|
Gain on Extinguishment1
|
7.625% 2021 AK Senior Notes |
|
$ |
372.7 |
|
|
$ |
0.4 |
|
7.50% 2023 AK Senior Notes |
|
367.2 |
|
|
2.8 |
|
|
|
$ |
739.9 |
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|
$ |
3.2 |
|
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1 The gain on extinguishment relates to the March 27, 2020 purchases.
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The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
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(In Millions) |
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Three Months Ended
March 31, 2019
|
Debt Instrument |
|
Debt Extinguished |
|
(Loss) on Extinguishment |
4.875% 2021 Senior Notes |
|
$ |
10.0 |
|
|
$ |
(0.3 |
) |
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|
$ |
10.0 |
|
|
$ |
(0.3 |
) |
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| Schedule of Line of Credit Facilities |
The following represents a summary of our borrowing capacity under the ABL Facility:
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(In Millions) |
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March 31,
2020 |
Available borrowing base on ABL Facility1
|
|
$ |
1,789.3 |
|
Borrowings |
|
(800.0 |
) |
Letter of credit obligations2
|
|
(199.3 |
) |
Borrowing capacity available |
|
$ |
790.0 |
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| Schedule of Maturities of Long-term Debt |
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2020:
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(In Millions) |
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Maturities of Debt |
2020 (remaining period of year)1
|
|
$ |
7.3 |
|
2021 |
|
33.5 |
|
2022 |
|
— |
|
2023 |
|
12.8 |
|
2024 |
|
462.0 |
|
Thereafter |
|
4,054.9 |
|
Total maturities of debt |
|
$ |
4,570.5 |
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1 Amounts maturing in 2020 are classified as Long-term debt based on our ability and intent to refinance on a long-term basis.
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| 6.375% 2025 Senior Notes [Member] |
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| Debt Instrument, Redemption [Line Items] |
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| Debt Instrument Redemption |
The following is a summary of redemption prices for our 6.375% 2025 Senior Notes:
|
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Redemption Period |
|
Redemption Price1
|
|
Restricted Amount |
Prior to October 15, 2020 - using proceeds of equity issuance |
|
106.375 |
% |
|
Up to 35% of original aggregate principal |
Prior to October 15, 20202
|
|
100.000 |
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|
Beginning on October 15, 2020 |
|
103.188 |
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Beginning on October 15, 2021 |
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101.594 |
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Beginning on October 15, 2022 and thereafter |
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100.000 |
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1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
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2 Plus a "make-whole" premium.
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| 7.00% 2027 Senior Notes [Member] |
|
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| Debt Instrument, Redemption [Line Items] |
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| Debt Instrument Redemption |
The following is a summary of redemption prices for our 7.00% 2027 Senior Notes:
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|
Redemption Period |
|
Redemption Price1
|
Prior to March 15, 20222
|
|
100.000 |
% |
Beginning on March 15, 2022 |
|
103.500 |
|
Beginning on March 15, 2023 |
|
102.333 |
|
Beginning on March 15, 2024 |
|
101.167 |
|
Beginning on March 15, 2025 and thereafter |
|
100.000 |
|
|
|
|
|
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
|
2 Plus a "make-whole" premium.
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|
| 7.50% 2023 AK Senior Notes [Member] |
|
|
| Debt Instrument, Redemption [Line Items] |
|
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 7.50% 2023 AK Senior Notes:
|
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|
|
|
Redemption Period |
|
Redemption Price1
|
Prior to July 15, 2020 |
|
103.750 |
% |
Beginning on July 15, 2020 |
|
101.875 |
|
Beginning on July 15, 2021 and thereafter |
|
100.000 |
|
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|
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|
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
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|
| 6.375% 2025 AK Senior Notes [Member] |
|
|
| Debt Instrument, Redemption [Line Items] |
|
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 6.375% 2025 AK Senior Notes:
|
|
|
|
|
Redemption Period |
|
Redemption Price1
|
Prior to October 15, 20202
|
|
100.000 |
% |
Beginning on October 15, 2020 |
|
103.188 |
|
Beginning on October 15, 2021 |
|
101.594 |
|
Beginning on October 15, 2022 and thereafter |
|
100.000 |
|
|
|
|
|
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
|
2 Plus a "make-whole" premium.
|
|
|
| 6.75% 2026 Senior Notes [Member] |
|
|
| Debt Instrument, Redemption [Line Items] |
|
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for our 6.75% 2026 Senior Secured Notes:
|
|
|
|
|
|
|
Redemption Period |
|
Redemption Price1
|
|
Restricted Amount |
Prior to March 15, 2022 - using proceeds of equity issuance |
|
106.750 |
% |
|
Up to 35% of original aggregate principal |
Prior to March 15, 20222
|
|
100.000 |
|
|
|
Beginning on March 15, 2022 |
|
105.063 |
|
|
|
Beginning on March 15, 2023 |
|
103.375 |
|
|
|
Beginning on March 15, 2024 |
|
101.688 |
|
|
|
Beginning on March 15, 2025 and thereafter |
|
100.000 |
|
|
|
|
|
|
|
|
|
1 Plus accrued and unpaid interest, if any, up to, but excluding, the redemption date.
|
2 Plus a "make-whole" premium.
|
|
|
| 7.00% 2027 AK Senior Notes [Member] |
|
|
| Debt Instrument, Redemption [Line Items] |
|
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 7.00% 2027 AK Senior Notes:
|
|
|
|
|
Redemption Period |
|
Redemption Price1
|
Prior to March 15, 20222
|
|
100.000 |
% |
Beginning on March 15, 2022 |
|
103.500 |
|
Beginning on March 15, 2023 |
|
102.333 |
|
Beginning on March 15, 2024 |
|
101.167 |
|
Beginning on March 15, 2025 and thereafter |
|
100.000 |
|
|
|
|
|
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
|
2 Plus a "make-whole" premium.
|
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|