DEBT AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

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


(In Millions)
September 30, 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%	$	607	$	(4)	$	(14)	$	589
6.750% 2026 Senior Secured Notes	Cliffs	6.99%	845		(16)		(8)		821
Senior Unsecured Notes:
1.500% 2025 Convertible Senior Notes	Cliffs	6.26%	294		(3)		(42)		249
7.000% 2027 Senior Notes	Cliffs	9.24%	73		—		(7)		66
7.000% 2027 AK Senior Notes	AK Steel	9.24%	56		—		(5)		51
5.875% 2027 Senior Notes	Cliffs	6.49%	556		(4)		(16)		536
4.625% 2029 Senior Notes	Cliffs	4.63%	500		(8)		—		492
4.875% 2031 Senior Notes	Cliffs	4.88%	500		(8)		—		492
6.250% 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		—		—		55
ABL Facility3	Cliffs2	2.23%	3,500		—		—		1,673
Total debt									5,376
Less: current debt									26
Total long-term debt									$	5,350

* 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
6.750% 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
7.500% 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
1.500% 2025 Convertible Senior Notes	Cliffs	6.26%	296		(4)		(49)		243
5.750% 2025 Senior Notes	Cliffs	6.01%	396		(3)		(4)		389
7.000% 2027 Senior Notes	Cliffs	9.24%	73		—		(8)		65
7.000% 2027 AK Senior Notes	AK Steel	9.24%	56		—		(6)		50
5.875% 2027 Senior Notes	Cliffs	6.49%	556		(4)		(18)		534
6.250% 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.

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 September 30, 2021				Nine Months Ended September 30, 2021
Debt Instrument	Debt Extinguished		(Loss) on Extinguishment		Debt Extinguished		(Loss) on Extinguishment
9.875% 2025 Senior Secured Notes	$	—	$	—	$	347	$	(47)
4.875% 2024 Senior Secured Notes	—		—		395		(14)
7.625% 2021 AK Senior Notes	—		—		34		—
7.500% 2023 AK Senior Notes	—		—		13		—
6.375% 2025 Senior Notes	—		—		64		(7)
1.500% 2025 Convertible Senior Notes	2		—		2		—
6.375% 2025 AK Senior Notes	—		—		29		(3)
5.750% 2025 Senior Notes	—		—		396		(17)
	$	2	$	—	$	1,280	$	(88)

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


		(In Millions)
	Nine Months Ended September 30, 2020
Debt Instrument			Debt Extinguished		Gain on Extinguishment
7.625% 2021 AK Senior Notes			$	373	$	—
7.500% 2023 AK Senior Notes			367		3
4.875% 2024 Senior Secured Notes			6		1
6.375% 2025 Senior Notes			168		21
1.500% 2025 Convertible Senior Notes			20		1
5.750% 2025 Senior Notes			77		16
7.000% 2027 Senior Notes			247		29
5.875% 2027 Senior Notes			194		49
6.250% 2040 Senior Notes			36		13
			$	1,488	$	133

Schedule of Line of Credit Facilities

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


	(In Millions)
	September 30, 2021
Available borrowing base on ABL Facility1	$	3,500
Borrowings	(1,673)
Letter of credit obligations2	(236)
Borrowing capacity available	$	1,591

1 As of September 30, 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 September 30, 2021:


	(In Millions)
	Maturities of Debt
2021 (remaining period of year)	$	26
2022	—
2023	55
2024	36
2025	2,574
Thereafter	2,823
Total maturities of debt	$	5,514

- 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