DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2020

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


(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 Secured Notes	Cliffs	5.00%	$	395	$	(3)	$	(1)	$	391
9.875% 2025 Senior Secured Notes	Cliffs	10.57%	955		(8)		(25)		922
6.75% 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
7.50% 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
1.50% 2025 Convertible Senior Notes	Cliffs	6.26%	296		(4)		(49)		243
5.75% 2025 Senior Notes	Cliffs	6.01%	396		(3)		(4)		389
7.00% 2027 Senior Notes	Cliffs	9.24%	73		—		(8)		65
7.00% 2027 AK Senior Notes	AK Steel	9.24%	56		—		(6)		50
5.875% 2027 Senior Notes	Cliffs	6.49%	556		(4)		(18)		534
6.25% 2040 Senior Notes	Cliffs	6.34%	263		(2)		(3)		258
IRBs due 2024 to 2028	AK Steel	Various	92		—		2		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.


(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	$	(5)	$	(2)	$	393
Senior Unsecured Notes:
1.50% 2025 Convertible Senior Notes	Cliffs	6.26%	316		(4)		(65)		247
5.75% 2025 Senior Notes	Cliffs	6.01%	473		(3)		(6)		464
5.875% 2027 Senior Notes	Cliffs	6.49%	750		(6)		(27)		717
6.25% 2040 Senior Notes	Cliffs	6.34%	298		(2)		(3)		293
Former ABL Facility	Cliffs2	N/A	450		N/A		N/A		—
Total long-term debt									$	2,114

1 Unless 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.

Debt Instrument Redemption

The following is a summary of redemption prices for our 9.875% 2025 Senior Secured Notes:

Redemption Period

Redemption Price1

Restricted Amount

Prior to October 17, 2022 - using proceeds of equity issuance

109.875

Up to 35% of original aggregate principal

Prior to October 17, 20222

100.000

Beginning on October 17, 2022

107.406

Beginning on April 17, 2023

104.938

Beginning on April 17, 2024

102.469

Beginning on April 17, 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.

The following is a summary of redemption prices (expressed as a percentage of the principal amount to be redeemed) 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.

The following is a summary of redemption prices (expressed as a percentage of the principal amount to be redeemed) for our 4.875% 2024 Senior Secured Notes:


Redemption Period	Redemption Price1
Beginning on January 15, 2021	102.438	%
Beginning on January 15, 2022	101.219
Beginning on January 15, 2023 and thereafter	100.000

1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.

The following is a summary of redemption prices (expressed as a percentage of the principal amount to be redeemed) for our 6.375% 2025 Senior Notes:


Redemption Period	Redemption Price1
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.

The following is a summary of redemption prices (expressed as a percentage of the principal amount to be redeemed) for our 7.00% 2027 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.

The following is a summary of redemption prices (expressed as a percentage of the principal amount to be redeemed) for the 7.50% 2023 AK Senior Notes:


Redemption Period	Redemption Price1
Beginning on July 15, 2020	101.875	%
Beginning on July 15, 2021 and thereafter	100.000

1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.

The following is a summary of redemption prices (expressed as a percentage of the principal amount to be redeemed) for the 6.375% 2025 AK Senior Notes:


Redemption Period	Redemption Price1
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.

The following is a summary of redemption prices (expressed as a percentage of the principal amount to be redeemed) 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.

Schedule of Extinguishment of Debt [Table Text Block]

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


	(In Millions)
	Year Ended December 31, 2020
	Debt Extinguished		Gain (Loss) on Extinguishment
7.625% 2021 AK Senior Notes	$	373	$	—
7.50% 2023 AK Senior Notes	367		3
4.875% 2024 Senior Secured Notes	6		1
6.375% 2025 Senior Notes	168		21
1.50% 2025 Convertible Senior Notes	20		1
5.75% 2025 Senior Notes	77		16
7.00% 2027 Senior Notes	262		27
5.875% 2027 Senior Notes	195		49
6.25% 2040 Senior Notes	36		13
6.375% 2025 AK Senior Notes	9		(1)
Total	$	1,513	$	130

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


	(In Millions)
	Year Ended December 31, 2019
	Debt Extinguished		(Loss) on Extinguishment
4.875% 2021 Senior Notes	$	124	$	(5)
5.75% 2025 Senior Notes	600		(13)
Total	$	724	$	(18)

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


	(In Millions)
	Year Ended December 31, 2018
	Debt Extinguished		(Loss) on Extinguishment
5.90% 2020 Senior Notes	$	89	$	(3)
4.80% 2020 Senior Notes	122		(4)
4.875% 2021 Senior Notes	14		—
5.75% 2025 Senior Notes	2		—
Total	$	227	$	(7)

Schedule of Line of Credit Facilities [Table Text Block]

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


	(In Millions)
	December 31, 2020
Available borrowing base on ABL Facility1	$	3,500
Borrowings	(1,510)
Letter of credit obligations2	(247)
Borrowing capacity available	$	1,743

1 As of December 31, 2020, 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 [Table Text Block]

The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2020:


	(In Millions)
	Maturities of Debt
2021	$	34
2022	—
2023	13
2024	457
2025	1,740
Thereafter	3,351
Total maturities of debt	$	5,595

- 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