Cleveland-Cliffs amended and extended its asset-based lending credit facility. The amendment extends the maturity date of the facility to June 9, 2028, and transitions the benchmark interest rate from LIBOR to SOFR. BofA Securities served as lead arranger for the ABL facility.
Metal commodities are soaring to record highs in 2021 as supply chain issues threaten to hinder a solid rebound from economic contraction in 2020. A similar recovery is taking place for asset-based lending to metal service centers.
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. Bank of America was administrative agent and lead arranger for the transaction.