Cliffs Natural Resources (CLF) Prices 44.4M Common Shares at $6.75/Share
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Cliffs Natural Resources Inc. (NYSE: CLF) announced today the pricing of its underwritten public offering of its common shares. Cliffs agreed to sell approximately 44.4 million Common Shares at a public offering price of $6.75 per share. Gross proceeds to Cliffs from this Offering are $300 million before underwriter discounts and commissions and other expenses. In connection with this Offering, Cliffs has granted the underwriters a 30-day option to purchase up to approximately 6.7 million additional Common Shares.
The Company intends to use the net proceeds received from the Offering for general corporate purposes, including the repayment of debt, in particular its senior notes due January 2018. The Offering is expected to close on or about August 16, 2016, subject to customary closing conditions.
BofA Merrill Lynch, Credit Suisse, Goldman, Sachs & Co. and Deutsche Bank Securities are acting as joint bookrunners for the Offering.
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
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