XML 77 R38.htm IDEA: XBRL DOCUMENT v3.20.4
DEBT AND CREDIT FACILITIES (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt:
(In Millions)
December 31, 2020
Debt Instrument
Issuer1
Annual Effective Interest RateTotal Principal AmountUnamortized Debt Issuance CostsUnamortized Premiums (Discounts)Total Debt
Senior Secured Notes:
4.875% 2024 Senior Secured NotesCliffs5.00%$395 $(3)$(1)$391 
9.875% 2025 Senior Secured NotesCliffs10.57%955 (8)(25)922 
6.75% 2026 Senior Secured NotesCliffs6.99%845 (20)(9)816 
Senior Unsecured Notes:
7.625% 2021 AK Senior NotesAK Steel7.33%34   34 
7.50% 2023 AK Senior NotesAK Steel6.17%13   13 
6.375% 2025 Senior NotesCliffs8.11%64  (4)60 
6.375% 2025 AK Senior NotesAK Steel8.11%29  (2)27 
1.50% 2025 Convertible Senior NotesCliffs6.26%296 (4)(49)243 
5.75% 2025 Senior NotesCliffs6.01%396 (3)(4)389 
7.00% 2027 Senior NotesCliffs9.24%73  (8)65 
7.00% 2027 AK Senior NotesAK Steel9.24%56  (6)50 
5.875% 2027 Senior NotesCliffs6.49%556 (4)(18)534 
6.25% 2040 Senior NotesCliffs6.34%263 (2)(3)258 
IRBs due 2024 to 2028AK SteelVarious92  2 94 
EDC Revolving Facility3
*3.25%40   18 
ABL Facility3
Cliffs2
2.15%3,500   1,510 
Total debt5,424 
Less: current debt34 
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 RateTotal Principal AmountDebt Issuance CostsUnamortized DiscountsTotal Debt
Senior Secured Notes:
4.875% 2024 Senior NotesCliffs5.00%$400 $(5)$(2)$393 
Senior Unsecured Notes:
1.50% 2025 Convertible Senior NotesCliffs6.26%316 (4)(65)247 
5.75% 2025 Senior NotesCliffs6.01%473 (3)(6)464 
5.875% 2027 Senior NotesCliffs6.49%750 (6)(27)717 
6.25% 2040 Senior NotesCliffs6.34%298 (2)(3)293 
Former ABL Facility
Cliffs2
N/A450 N/AN/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 issuance109.875 %Up to 35% of original aggregate principal
Prior to October 17, 20222
100.000 
Beginning on October 17, 2022107.406 
Beginning on April 17, 2023104.938 
Beginning on April 17, 2024102.469 
Beginning on April 17, 2025 and thereafter100.000 
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 issuance106.750 %Up to 35% of original aggregate principal
Prior to March 15, 20222
100.000 
Beginning on March 15, 2022105.063 
Beginning on March 15, 2023103.375 
Beginning on March 15, 2024101.688 
Beginning on March 15, 2025 and thereafter100.000 
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, 2021102.438 %
Beginning on January 15, 2022101.219 
Beginning on January 15, 2023 and thereafter100.000 
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, 2020103.188 %
Beginning on October 15, 2021101.594 
Beginning on October 15, 2022 and thereafter100.000 
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, 2022103.500 
Beginning on March 15, 2023102.333 
Beginning on March 15, 2024101.167 
Beginning on March 15, 2025 and thereafter100.000 
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, 2020101.875 %
Beginning on July 15, 2021 and thereafter100.000 
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, 2020103.188 %
Beginning on October 15, 2021101.594 
Beginning on October 15, 2022 and thereafter100.000 
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, 2022103.500 
Beginning on March 15, 2023102.333 
Beginning on March 15, 2024101.167 
Beginning on March 15, 2025 and thereafter100.000 
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 Notes367 3 
4.875% 2024 Senior Secured Notes6 1 
6.375% 2025 Senior Notes168 21 
1.50% 2025 Convertible Senior Notes20 1 
5.75% 2025 Senior Notes77 16 
7.00% 2027 Senior Notes262 27 
5.875% 2027 Senior Notes195 49 
6.25% 2040 Senior Notes36 13 
6.375% 2025 AK Senior Notes9 (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 Notes600 (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 Notes122 (4)
4.875% 2021 Senior Notes14 — 
5.75% 2025 Senior Notes— 
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— 
202313 
2024457 
20251,740 
Thereafter3,351 
Total maturities of debt$5,595