Daily News: March 2, 2018

BofA Agents Cleveland-Cliffs ABL Facility Downsize


Cleveland-Cliffs amended its senior secured asset-based lending credit facility, extending the maturity date and reducing the oversize from $550 million to $450 million.

The changes were introduced in alignment with the company’s vastly improved financial condition since the initial ABL facility was adopted, while continuing to provide the company with the financial flexibility needed to operate its business and execute its strategic initiatives. Borrowing costs and unused commitment fees were also reduced in the amended ABL facility.

The amended ABL facility terms became effective February 28, 2018 with an extended maturity date of February 28, 2023 or 60 days prior to the maturity of the other existing senior notes. As in the initial ABL facility, Bank of America served as administrative agent and lead arranger. Other participants in its bank group included PNC Bank, Goldman Sachs, Credit Suisse, Deutsche Bank, Citizens Bank, Regions Bank, Huntington Bank and Jefferies.

Founded in 1847, Cleveland-Cliffs an independent iron ore mining company.