Cliffs Natural Resources Inc. Announces Pricing of $500 Million
Public Offering of Senior Notes
CLEVELAND, Dec. 6, 2012 /PRNewswire/ -- Cliffs Natural
Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that it has
priced its registered public offering of $500 million 3.95% Senior Notes due January 2018 (the "Senior Notes"). Cliffs expects
to close the offering on Dec.13, 2012, subject to customary closing
conditions. The net proceeds from the issuance of the Senior Notes
are expected to be used to repay Cliffs' Private Placement Senior
Notes due in 2013 and 2015, as well as for general corporate
purposes.
(Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO
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The Senior Notes are rated Baa3 by Moody's Investors Service and
BBB- by Standard & Poor's Ratings Services.*
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, and Citigroup Global Markets Inc. are serving
as joint book-running managers for the offering.
A registration statement relating to the Senior Notes has been
filed with the SEC and is effective. The offering may be made only
by means of a preliminary prospectus supplement and the
accompanying prospectus. A copy of the preliminary prospectus
supplement and accompanying prospectus relating to this offering
may be obtained by contacting J.P. Morgan Securities LLC collect at
1-212-834-4533, Merrill Lynch, Pierce, Fenner & Smith
Incorporated toll free at 1-800-294-1322, or Citigroup Global
Markets Inc. toll free at 1-800-831-9146.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
*Note: A securities rating is not a recommendation to buy,
sell or hold securities and may be subject to revision or
withdrawal at any time.
About Cliffs Natural Resources Inc.
Cliffs Natural
Resources Inc. is an international mining and natural resources
company. A member of the S&P 500 Index, the Company is a major
global iron ore producer and a significant producer of high- and
low-volatile metallurgical coal. Cliffs' strategy is to continually
achieve greater scale and diversification in the mining industry
through a focus on serving the world's largest and fastest growing
steel markets. Driven by the core values of social, environmental
and capital stewardship, Cliffs associates across the globe
endeavor to provide all stakeholders operating and financial
transparency.
The Company is organized through a global commercial group
responsible for sales and delivery of Cliffs products and a global
operations group responsible for the production of the minerals the
Company markets. Cliffs operates iron ore and coal mines in
North America and two iron ore
mining complexes in Western
Australia. In addition, Cliffs has a major chromite project,
in the feasibility stage of development, located in Ontario, Canada.
SOURCE Cliffs Natural Resources Inc.