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DEBT AND CREDIT FACILITIES (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt:
(In Millions)
Debt Instrument
Issuer1
Annual Effective Interest RateDecember 31, 2022December 31, 2021
Senior Secured Notes:
9.875% 2025 Senior Secured Notes
Cliffs10.57%$ $607 
6.750% 2026 Senior Secured Notes
Cliffs6.99%829 845 
Senior Unsecured Notes:
1.500% 2025 Convertible Senior Notes
Cliffs6.26% 294 
7.000% 2027 Senior Notes
Cliffs9.24%73 73 
7.000% 2027 AK Senior Notes
AK Steel9.24%56 56 
5.875% 2027 Senior Notes
Cliffs6.49%556 556 
4.625% 2029 Senior Notes
Cliffs4.63%368 500 
4.875% 2031 Senior Notes
Cliffs4.88%325 500 
6.250% 2040 Senior Notes
Cliffs6.34%235 263 
IRBsAK SteelVarious 66 
ABL Facility3
Cliffs2
Variable3
1,864 1,609 
Total debt4,306 5,369 
Unamortized discounts and issuance costs(57)(131)
Total long-term debt$4,249 $5,238 
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 Our ABL Facility annual effective interest rate was 5.60% and 1.87%, respectively, as of December 31, 2022 and December 31, 2021.
The following represents a summary of our other unsecured senior notes' maturity and interest payable due dates:
Debt InstrumentMaturityInterest Payable
(until maturity)
7.000% 2027 Senior NotesMarch 15, 2027March 15 and September 15
5.875% 2027 Senior NotesJune 1, 2027June 1 and December 1
4.625% 2029 Senior NotesMarch 1, 2029March 1 and September 1
4.875% 2031 Senior NotesMarch 1, 2031March 1 and September 1
6.250% 2040 Senior NotesOctober 1, 2040April 1 and October 1
Summary of Borrowing Capacity Under the ABL Facility
The following represents a summary of our borrowing capacity under the ABL Facility:
December 31,
(In millions)2022
Available borrowing base on ABL Facility1
$4,500 
Borrowings(1,864)
Letter of credit obligations2
(150)
Borrowing capacity available$2,486 
1 As of December 31, 2022, the ABL Facility has a maximum available borrowing base of $4.5 billion. The 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 and environmental obligations.
Summary of Debt Extinguished
The following is a summary of the debt extinguished and the respective impact on extinguishment:
Year Ended December 31, 2022
(In millions)Debt ExtinguishedGain (Loss) on Extinguishment
9.875% 2025 Senior Secured Notes$607 $(85)
6.750% 2026 Senior Secured Notes16 (1)
1.500% 2025 Convertible Senior Notes294 (16)
4.625% 2029 Senior Notes132 9 
4.875% 2024 Senior Secured Notes175 13 
6.250% 2040 Senior Notes28 3 
IRBs66 2 
Total$1,318 $(75)
Summary of Debt Instrument Maturities
The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2022 (in millions):
20232024202520262027ThereafterTotal
$— $— $1,864 $829 $685 $928 $4,306