DEBT AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2020

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


(In Millions)
September 30, 2020
Debt Instrument	Issuer¹	Annual Effective Interest Rate	Total Principal Amount		Debt Issuance Costs		Unamortized Premiums (Discounts)		Total Debt
Senior Secured Notes:
4.875% 2024 Senior Secured Notes	Cliffs	5.00%	$	394.5	$	(3.7)	$	(1.5)	$	389.3
9.875% 2025 Senior Secured Notes	Cliffs	10.57%	955.2		(8.1)		(25.8)		921.3
6.75% 2026 Senior Secured Notes	Cliffs	6.99%	845.0		(21.4)		(9.0)		814.6
Senior Unsecured Notes:
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%	64.3		(0.2)		(4.6)		59.5
6.375% 2025 AK Senior Notes	AK Steel	8.11%	38.4		—		(2.7)		35.7
1.50% 2025 Convertible Senior Notes	Cliffs	6.26%	296.3		(3.7)		(53.0)		239.6
5.75% 2025 Senior Notes	Cliffs	6.01%	396.2		(2.6)		(4.1)		389.5
7.00% 2027 Senior Notes	Cliffs	9.24%	88.0		(0.3)		(9.6)		78.1
7.00% 2027 AK Senior Notes	AK Steel	9.24%	56.3		—		(6.0)		50.3
5.875% 2027 Senior Notes	Cliffs	6.49%	555.5		(4.3)		(18.6)		532.6
6.25% 2040 Senior Notes	Cliffs	6.34%	262.7		(1.8)		(2.8)		258.1
IRBs due 2024 to 2028	AK Steel	Various	92.0		—		2.3		94.3
ABL Facility	Cliffs²	2.77%	2,000.0		—		—		400.0
Total long-term debt									$	4,309.8

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.
²Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.


(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:
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		N/A		N/A		—
Total long-term debt									$	2,113.8

¹Unless otherwise noted, references in this column to "Cliffs" are to Cleveland-Cliffs Inc.
² Refers to Cleveland-Cliffs Inc. and certain of its subsidiaries as borrowers under our Former ABL Facility.

Schedule of Extinguishment of Debt

The following is a summary of the debt extinguished and the respective gain on extinguishment:


	(In Millions)
	Nine Months Ended September 30, 2020
Debt Instrument	Debt Extinguished		Gain on Extinguishment
7.625% 2021 AK Senior Notes	$	372.7	$	0.4
7.50% 2023 AK Senior Notes	367.2		2.8
4.875% 2024 Senior Secured Notes	5.5		0.5
6.375% 2025 Senior Notes	167.5		21.3
1.50% 2025 Convertible Senior Notes	20.0		1.3
5.75% 2025 Senior Notes	77.1		16.3
7.00% 2027 Senior Notes	247.3		28.4
5.875% 2027 Senior Notes	194.5		48.7
6.25% 2040 Senior Notes	35.7		12.9
	$	1,487.5	$	132.6

Debt Extinguishments - 2019

The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:


	(In Millions)
		Nine Months Ended September 30, 2019
Debt Instrument		Debt Extinguished		(Loss) on Extinguishment
4.875% 2021 Senior Notes		$	124.0	$	(5.3)
5.75% 2025 Senior Notes		600.0		(12.9)
		$	724.0	$	(18.2)

Schedule of Line of Credit Facilities

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


	(In Millions)
	September 30, 2020
Available borrowing base on ABL Facility¹	$	1,715.2
Borrowings	(400.0)
Letter of credit obligations²	(192.2)
Borrowing capacity available	$	1,123.0

¹As of September 30, 2020, the ABL Facility has a maximum borrowing base of $2.0 billion. The available borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
²We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers' compensation, employee severance, 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, 2020:


	(In Millions)
	Maturities of Debt
2020 (remaining period of year)	$	—
2021	33.5
2022	—
2023	12.8
2024	456.5
Thereafter	3,987.9
Total maturities of debt	$	4,490.7

- 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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+ Details