Cleveland-Cliffs, one of the Region's largest employers, is selling $475 million in notes as it looks to manage its debt.

The Cleveland-based steelmaker previously took out $850 million in debt it will repay in 2034 at a rate of 7.625%. It plans to use the proceeds of the sale of the notes to repay debt from its asset-based lending facility that funds operations.

Cleveland-Cliffs announced Tuesday it would issue another $200 million in notes due in 2034 with a rate of 7.625%. It then said it would issue another $275 million in notes due 2034 at a price of 102.750% of their principal amount, which results in implied yield of 6.992%.

Cleveland-Cliffs has $14 billion in total liabilities, including more than $7 billion in long-term debt. The company reported having $7.75 billion in debt at

See Full Page