Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced that it is offering to sell, subject to market and other conditions, 9,000,000 common shares through an underwritten offering. In connection with the offering, the underwriters have been granted an over-allotment option to purchase an additional 1,350,000 common shares.
Cliffs intends to use the net proceeds from the offering to repay borrowings under the Company’s previously announced bridge credit facility that was used to fund a portion of the Company’s recent acquisition of Consolidated Thompson Iron Mines Limited.
Any remaining net proceeds will be used for general corporate purposes.
J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers of the offering.
Read the full news release here.
