Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.21.2
DEBT AND CREDIT FACILITIES (Tables)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Debt Disclosure [Abstract]    
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt:
(In Millions)
September 30, 2021
Debt Instrument
Issuer1
Annual Effective
Interest Rate
Total Principal Amount Unamortized
Debt Issuance Costs
Unamortized Premiums (Discounts) Total Debt
Senior Secured Notes:
9.875% 2025 Senior Secured Notes
Cliffs 10.57% $ 607  $ (4) $ (14) $ 589 
6.750% 2026 Senior Secured Notes
Cliffs 6.99% 845  (16) (8) 821 
Senior Unsecured Notes:
1.500% 2025 Convertible Senior Notes
Cliffs 6.26% 294  (3) (42) 249 
7.000% 2027 Senior Notes
Cliffs 9.24% 73    (7) 66 
7.000% 2027 AK Senior Notes
AK Steel 9.24% 56    (5) 51 
5.875% 2027 Senior Notes
Cliffs 6.49% 556  (4) (16) 536 
4.625% 2029 Senior Notes
Cliffs 4.63% 500  (8)   492 
4.875% 2031 Senior Notes
Cliffs 4.88% 500  (8)   492 
6.250% 2040 Senior Notes
Cliffs 6.34% 263  (2) (3) 258 
IRBs due 2024 to 2028 AK Steel Various 92    2  94 
EDC Revolving Facilities3
* Various 80      55 
ABL Facility3
Cliffs2
2.23% 3,500      1,673 
Total debt 5,376 
Less: current debt 26 
Total long-term debt $ 5,350 
* Our subsidiaries, Fleetwood Metal Industries Inc. and The Electromac Group Inc., are the borrowers under the EDC Revolving Facilities.
1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 The total principal amounts for the indicated credit facilities are stated at their respective maximum borrowing capacities.
(In Millions)
December 31, 2020
Debt Instrument
Issuer1
Annual Effective
Interest Rate
Total Principal Amount Unamortized
Debt Issuance Costs
Unamortized
Premiums
(Discounts)
Total Debt
Senior Secured Notes:
4.875% 2024 Senior Notes
Cliffs 5.00% $ 395  $ (3) $ (1) $ 391 
9.875% 2025 Senior Secured Notes
Cliffs 10.57% 955  (8) (25) 922 
6.750% 2026 Senior Secured Notes
Cliffs 6.99% 845  (20) (9) 816 
Senior Unsecured Notes:
7.625% 2021 AK Senior Notes
AK Steel 7.33% 34  —  —  34 
7.500% 2023 AK Senior Notes
AK Steel 6.17% 13  —  —  13 
6.375% 2025 Senior Notes
Cliffs 8.11% 64  —  (4) 60 
6.375% 2025 AK Senior Notes
AK Steel 8.11% 29  —  (2) 27 
1.500% 2025 Convertible Senior Notes
Cliffs 6.26% 296  (4) (49) 243 
5.750% 2025 Senior Notes
Cliffs 6.01% 396  (3) (4) 389 
7.000% 2027 Senior Notes
Cliffs 9.24% 73  —  (8) 65 
7.000% 2027 AK Senior Notes
AK Steel 9.24% 56  —  (6) 50 
5.875% 2027 Senior Notes
Cliffs 6.49% 556  (4) (18) 534 
6.250% 2040 Senior Notes
Cliffs 6.34% 263  (2) (3) 258 
IRBs due 2024 to 2028 AK Steel Various 92  —  94 
EDC Revolving Facility3
* 3.25% 40  —  —  18 
ABL Facility3
Cliffs2
2.15% 3,500  —  —  1,510 
Total debt 5,424 
Less: current debt 34 
Total long-term debt $ 5,390 
* Our subsidiaries, Fleetwood Metal Industries Inc. and The Electromac Group Inc., are the borrowers under the EDC Revolving Facility.
1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 The total principal amounts for the indicated credit facilities are stated at their respective maximum borrowing capacities.
 
Schedule of Extinguishment of Debt
The following is a summary of the debt extinguished and the respective impact on extinguishment:
(In Millions)
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2021
Debt Instrument
Debt Extinguished
(Loss) on Extinguishment Debt Extinguished (Loss) on Extinguishment
9.875% 2025 Senior Secured Notes
$   $   $ 347  $ (47)
4.875% 2024 Senior Secured Notes
    395  (14)
7.625% 2021 AK Senior Notes
    34   
7.500% 2023 AK Senior Notes
    13   
6.375% 2025 Senior Notes
    64  (7)
1.500% 2025 Convertible Senior Notes
2    2   
6.375% 2025 AK Senior Notes
    29  (3)
5.750% 2025 Senior Notes
    396  (17)
$ 2  $   $ 1,280  $ (88)
The following is a summary of the debt extinguished and the respective impact on extinguishment:
(In Millions)
Nine Months Ended
September 30, 2020
Debt Instrument Debt Extinguished Gain on Extinguishment
7.625% 2021 AK Senior Notes
$ 373  $ — 
7.500% 2023 AK Senior Notes
367 
4.875% 2024 Senior Secured Notes
6.375% 2025 Senior Notes
168  21 
1.500% 2025 Convertible Senior Notes
20 
5.750% 2025 Senior Notes
77  16 
7.000% 2027 Senior Notes
247  29 
5.875% 2027 Senior Notes
194  49 
6.250% 2040 Senior Notes
36  13 
$ 1,488  $ 133 
Schedule of Line of Credit Facilities
The following represents a summary of our borrowing capacity under the ABL Facility:
(In Millions)
September 30,
2021
Available borrowing base on ABL Facility1
$ 3,500 
Borrowings (1,673)
Letter of credit obligations2
(236)
Borrowing capacity available $ 1,591 
1 As of September 30, 2021, the ABL Facility has a maximum borrowing base of $3.5 billion. The available borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers' compensation, employee severance, insurance, operating agreements, IRBs and environmental obligations.
 
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 September 30, 2021:
(In Millions)
Maturities of Debt
2021 (remaining period of year) $ 26 
2022 — 
2023 55 
2024 36 
2025 2,574 
Thereafter 2,823 
Total maturities of debt $ 5,514