DEBT AND CREDIT FACILITIES (Tables)

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

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


(In Millions)
March 31, 2021
Debt Instrument	Issuer1	Annual Effective Interest Rate	Total Principal Amount		Unamortized Debt Issuance Costs		Unamortized Premiums (Discounts)		Total Debt
Senior Secured Notes:
9.875% 2025 Senior Secured Notes	Cliffs	10.57%	$	633	$	(5)	$	(16)	$	612
6.75% 2026 Senior Secured Notes	Cliffs	6.99%	845		(19)		(8)		818
Senior Unsecured Notes:
1.50% 2025 Convertible Senior Notes	Cliffs	6.26%	296		(3)		(47)		246
5.75% 2025 Senior Notes	Cliffs	6.01%	396		(2)		(4)		390
7.00% 2027 Senior Notes	Cliffs	9.24%	73		—		(7)		66
7.00% 2027 AK Senior Notes	AK Steel	9.24%	56		—		(6)		50
5.875% 2027 Senior Notes	Cliffs	6.49%	556		(4)		(17)		535
4.625% 2029 Senior Notes	Cliffs	4.63%	500		(9)		—		491
4.875% 2031 Senior Notes	Cliffs	4.88%	500		(9)		—		491
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 Facilities3	*	Various	80		—		—		53
ABL Facility3	Cliffs2	2.14%	3,500		—		—		1,630
Total long-term debt									$	5,734

* Our subsidiaries, Fleetwood Metal Industries Inc. and The Electromac Group Inc., are the borrowers under the EDC Revolving Facilities.
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, 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 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.

Debt Instrument Redemption

The following is a summary of redemption prices for our 4.625% 2029 Senior Notes:

Redemption Period

Redemption Price1

Restricted Amount

Prior to March 1, 2024 - using the proceeds of equity issuance

104.625

Up to 35% of original aggregate principal

Prior to March 1, 20242

100.000

Beginning March 1, 2024

102.313

Beginning March 1, 2025

101.156

Beginning on March 1, 2026 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 for our 4.875% 2031 Senior Notes:

Redemption Period

Redemption Price1

Restricted Amount

Prior to March 1, 2026 - using the proceeds of equity issuance

104.875

Up to 35% of original aggregate principal

Prior to March 1, 2026 2

100.000

Beginning March 1, 2026

102.438

Beginning March 1, 2027

101.625

Beginning March 1, 2028

100.813

Beginning on March 1, 2029 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

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


		(In Millions)
	Three Months Ended March 31, 2021
Debt Instrument		Debt Extinguished		(Loss) on Extinguishment
9.875% 2025 Senior Secured Notes		$	322	$	(42)
4.875% 2024 Senior Secured Notes		395		(14)
7.625% 2021 AK Senior Notes		34		—
7.50% 2023 AK Senior Notes		13		—
6.375% 2025 Senior Notes		64		(7)
6.375% 2025 AK Senior Notes		29		(3)
		$	857	$	(66)

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


		(In Millions)
	Three Months Ended March 31, 2020
Debt Instrument		Debt Extinguished		Gain on Extinguishment
7.625% 2021 AK Senior Notes		$	373	$	—
7.50% 2023 AK Senior Notes		367		3







		$	740	$	3

Schedule of Line of Credit Facilities

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


	(In Millions)
	March 31, 2021
Available borrowing base on ABL Facility1	$	3,500
Borrowings	(1,630)
Letter of credit obligations2	(272)
Borrowing capacity available	$	1,598

1 As of March 31, 2021, 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

The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2021:


	(In Millions)
	Maturities of Debt
2021 (remaining period of year)	$	—
2022	—
2023	53
2024	62
2025	2,955
Thereafter	2,823
Total maturities of debt	$	5,893

- 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