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- An Affiliate of the Underwriter Is a Lender Under Our Abl Facility And, As a Result, Will Also Receive a Portion of Net Proceeds From This Offering. (new) — The underwriter's affiliate is a lender under the ABL Facility, so a portion of the offering proceeds will indirectly benefit the underwriter, creating a potential conflict of interest.
Cleveland-Cliffs prices 75M-share offering at $12.69, raising $950.9M net to repay ABL debt
Filed October 30, 2025 · ~2 min read
Key Changes
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Cleveland-Cliffs is selling 75 million common shares at $12.69 per share in a primary offering, with an underwriter option for 11.25 million more.
The Offering verify on EDGAR → -
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Net proceeds to the company are approximately $950.9 million after underwriting discounts and expenses.
Use of Proceeds verify on EDGAR → -
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The company will use the net proceeds to repay borrowings under its ABL Facility, which had about $1,471 million outstanding at a 5.86% weighted average rate as of October 24, 2025.
Use of Proceeds verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 3, 2026 · How we verify