Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

DEBT AND CREDIT FACILITIES (Tables)

DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2023

The following represents a summary of our long-term debt:


(In Millions)
Debt Instrument	Issuer1	Annual Effective Interest Rate	December 31, 2023		December 31, 2022
Senior Secured Notes:
6.750% 2026 Senior Secured Notes	Cliffs	6.990%	829		829
Senior Unsecured Notes:
7.000% 2027 Senior Notes	Cliffs	9.240%	73		73
7.000% 2027 AK Senior Notes	AK Steel	9.240%	56		56
5.875% 2027 Senior Notes	Cliffs	6.490%	556		556
4.625% 2029 Senior Notes	Cliffs	4.625%	368		368
6.750% 2030 Senior Notes	Cliffs	6.750%	750		—
4.875% 2031 Senior Notes	Cliffs	4.875%	325		325
6.250% 2040 Senior Notes	Cliffs	6.340%	235		235
ABL Facility	Cliffs2	Variable3	—		1,864
Total debt			3,192		4,306
Unamortized discounts and issuance costs			(55)		(57)
Total long-term debt			$	3,137	$	4,249


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 Our ABL Facility annual effective interest rate was 5.60% as of December 31, 2022.

The following represents a summary of our other unsecured senior notes' maturity and interest payable due dates:

Debt Instrument

Maturity

Interest Payable
(until maturity)

7.000% 2027 Senior Notes

March 15, 2027

March 15 and September 15

5.875% 2027 Senior Notes

June 1, 2027

June 1 and December 1

4.625% 2029 Senior Notes

March 1, 2029

March 1 and September 1

4.875% 2031 Senior Notes

March 1, 2031

March 1 and September 1

6.250% 2040 Senior Notes

October 1, 2040

April 1 and October 1

Summary of Borrowing Capacity Under the ABL Facility

The following represents a summary of our borrowing capacity under the ABL Facility:


	December 31,
(In millions)	2023
Available borrowing base on ABL Facility1	$	4,397
Borrowings	—
Letter of credit obligations2	(56)
Borrowing capacity available	$	4,341

1 As of December 31, 2023, the ABL Facility has a maximum borrowing base of $4.75 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, operating agreements, employee severance, environmental obligations, workers' compensation, and insurance obligations.

Summary of Debt Instrument Maturities

The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2023 (in millions):


2024		2025		2026		2027		2028		Thereafter		Total
$	—	$	—	$	829	$	685	$	—	$	1,678	$	3,192

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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