DEBT AND CREDIT FACILITIES (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
Mar. 31, 2019 |
| Debt Instrument, Redemption [Line Items] |
Ìý
|
Ìý
|
| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
MarchÌý31, 2020 |
Debt Instrument |
Ìý |
Issuer1
|
Ìý |
Annual Effective
Interest Rate
|
Ìý |
Total Principal Amount |
Ìý |
Debt Issuance Costs |
Ìý |
Unamortized Premiums (Discounts) |
Ìý |
Total Debt |
Senior Secured Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
4.875% 2024 Senior Secured Notes |
Ìý |
Cliffs |
Ìý |
5.00% |
Ìý |
$ |
400.0 |
|
Ìý |
$ |
(4.3 |
) |
Ìý |
$ |
(1.7 |
) |
Ìý |
$ |
394.0 |
|
6.75% 2026 Senior Secured Notes |
Ìý |
Cliffs |
Ìý |
7.00% |
Ìý |
725.0 |
|
Ìý |
(20.3 |
) |
Ìý |
(8.8 |
) |
Ìý |
695.9 |
|
Senior Unsecured Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
7.625% 2021 AK Senior Notes |
Ìý |
AK Steel |
Ìý |
7.33% |
Ìý |
33.5 |
|
Ìý |
— |
|
Ìý |
0.1 |
|
Ìý |
33.6 |
|
7.50% 2023 AK Senior Notes |
Ìý |
AK Steel |
Ìý |
6.17% |
Ìý |
12.8 |
|
Ìý |
— |
|
Ìý |
0.5 |
|
Ìý |
13.3 |
|
6.375% 2025 Senior Notes |
Ìý |
Cliffs |
Ìý |
8.11% |
Ìý |
231.8 |
|
Ìý |
(0.9 |
) |
Ìý |
(17.9 |
) |
Ìý |
213.0 |
|
6.375% 2025 AK Senior Notes |
Ìý |
AK Steel |
Ìý |
8.11% |
Ìý |
38.4 |
|
Ìý |
— |
|
Ìý |
(3.0 |
) |
Ìý |
35.4 |
|
1.50% 2025 Convertible Senior Notes |
Ìý |
Cliffs |
Ìý |
6.26% |
Ìý |
316.3 |
|
Ìý |
(4.4 |
) |
Ìý |
(62.2 |
) |
Ìý |
249.7 |
|
5.75% 2025 Senior Notes |
Ìý |
Cliffs |
Ìý |
6.01% |
Ìý |
473.3 |
|
Ìý |
(3.5 |
) |
Ìý |
(5.3 |
) |
Ìý |
464.5 |
|
7.00% 2027 Senior Notes |
Ìý |
Cliffs |
Ìý |
9.24% |
Ìý |
335.4 |
|
Ìý |
(1.3 |
) |
Ìý |
(38.4 |
) |
Ìý |
295.7 |
|
7.00% 2027 AK Senior Notes |
Ìý |
AK Steel |
Ìý |
9.24% |
Ìý |
56.3 |
|
Ìý |
— |
|
Ìý |
(6.4 |
) |
Ìý |
49.9 |
|
5.875% 2027 Senior Notes |
Ìý |
Cliffs |
Ìý |
6.49% |
Ìý |
750.0 |
|
Ìý |
(6.2 |
) |
Ìý |
(26.6 |
) |
Ìý |
717.2 |
|
6.25% 2040 Senior Notes |
Ìý |
Cliffs |
Ìý |
6.34% |
Ìý |
298.4 |
|
Ìý |
(2.1 |
) |
Ìý |
(3.2 |
) |
Ìý |
293.1 |
|
IRBs due 2020 to 2028 |
Ìý |
AK Steel |
Ìý |
Various |
Ìý |
99.3 |
|
Ìý |
— |
|
Ìý |
2.5 |
|
Ìý |
101.8 |
|
ABL Facility |
Ìý |
Cliffs2
|
Ìý |
2.33% |
Ìý |
2,000.0 |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
800.0 |
|
Total long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
4,357.1 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýUnless otherwise noted, references in this column to "Cliffs" are to ÐÇ¿Õ´«Ã½ Inc., and references to "AK Steel" are to AK Steel Corporation.
|
2 Refers to ÐÇ¿Õ´«Ã½ Inc. as borrower under our ABL Facility.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
DecemberÌý31, 2019 |
Debt Instrument |
Ìý |
Issuer1
|
Ìý |
Annual Effective
Interest Rate
|
Ìý |
Total Principal Amount |
Ìý |
Debt Issuance Costs |
Ìý |
Unamortized Discounts |
Ìý |
Total Debt |
Senior Secured Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
4.875% 2024 Senior Notes |
Ìý |
Cliffs |
Ìý |
5.00% |
Ìý |
$ |
400.0 |
|
Ìý |
$ |
(4.6 |
) |
Ìý |
$ |
(1.8 |
) |
Ìý |
$ |
393.6 |
|
Senior Unsecured Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1.50% 2025 Convertible Senior Notes |
Ìý |
Cliffs |
Ìý |
6.26% |
Ìý |
316.3 |
|
Ìý |
(4.6 |
) |
Ìý |
(65.0 |
) |
Ìý |
246.7 |
|
5.75% 2025 Senior Notes |
Ìý |
Cliffs |
Ìý |
6.01% |
Ìý |
473.3 |
|
Ìý |
(3.6 |
) |
Ìý |
(5.5 |
) |
Ìý |
464.2 |
|
5.875% 2027 Senior Notes |
Ìý |
Cliffs |
Ìý |
6.49% |
Ìý |
750.0 |
|
Ìý |
(6.3 |
) |
Ìý |
(27.3 |
) |
Ìý |
716.4 |
|
6.25% 2040 Senior Notes |
Ìý |
Cliffs |
Ìý |
6.34% |
Ìý |
298.4 |
|
Ìý |
(2.2 |
) |
Ìý |
(3.3 |
) |
Ìý |
292.9 |
|
Former ABL Facility |
Ìý |
Cliffs2
|
Ìý |
N/A |
Ìý |
450.0 |
|
Ìý |
N/A |
|
Ìý |
N/A |
|
Ìý |
— |
|
Total long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
2,113.8 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 Unless otherwise noted, references in this column to "Cliffs" are to ÐÇ¿Õ´«Ã½ Inc.
|
2ÌýRefers to ÐÇ¿Õ´«Ã½ Inc. and certain of its subsidiaries as borrowers under our Former ABL Facility.
|
|
Ìý
|
| Schedule of Extinguishment of Debt |
The following is a summary of the debt extinguished and the respective gain on extinguishment:
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Three Months Ended
March 31, 2020
|
Debt Instrument |
Ìý |
Debt Extinguished |
Ìý |
Gain on Extinguishment1
|
7.625% 2021 AK Senior Notes |
Ìý |
$ |
372.7 |
|
Ìý |
$ |
0.4 |
|
7.50% 2023 AK Senior Notes |
Ìý |
367.2 |
|
Ìý |
2.8 |
|
Ìý |
Ìý |
$ |
739.9 |
|
Ìý |
$ |
3.2 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 The gain on extinguishment relates to the March 27, 2020 purchases.
|
|
The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Three Months Ended
March 31, 2019
|
Debt Instrument |
Ìý |
Debt Extinguished |
Ìý |
(Loss) on Extinguishment |
4.875% 2021 Senior Notes |
Ìý |
$ |
10.0 |
|
Ìý |
$ |
(0.3 |
) |
Ìý |
Ìý |
$ |
10.0 |
|
Ìý |
$ |
(0.3 |
) |
|
| Schedule of Line of Credit Facilities |
The following represents a summary of our borrowing capacity under the ABL Facility:
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
MarchÌý31,
2020 |
Available borrowing base on ABL Facility1
|
Ìý |
$ |
1,789.3 |
|
Borrowings |
Ìý |
(800.0 |
) |
Letter of credit obligations2
|
Ìý |
(199.3 |
) |
Borrowing capacity available |
Ìý |
$ |
790.0 |
|
|
Ìý
|
| Schedule of Maturities of Long-term Debt |
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at MarchÌý31, 2020:
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Maturities of Debt |
2020 (remaining period of year)1
|
Ìý |
$ |
7.3 |
|
2021 |
Ìý |
33.5 |
|
2022 |
Ìý |
— |
|
2023 |
Ìý |
12.8 |
|
2024 |
Ìý |
462.0 |
|
Thereafter |
Ìý |
4,054.9 |
|
Total maturities of debt |
Ìý |
$ |
4,570.5 |
|
Ìý |
Ìý |
Ìý |
1ÌýAmounts maturing in 2020 are classified as Long-term debtÌýbased on our ability and intent to refinance on a long-term basis.
|
|
Ìý
|
| 6.375% 2025 Senior Notes [Member] |
Ìý
|
Ìý
|
| Debt Instrument, Redemption [Line Items] |
Ìý
|
Ìý
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for our 6.375% 2025 Senior Notes:
|
|
|
|
|
|
|
Redemption Period |
Ìý |
Redemption Price1
|
Ìý |
Restricted Amount |
Prior to October 15, 2020 - using proceeds of equity issuance |
Ìý |
106.375 |
% |
Ìý |
Up to 35% of original aggregate principal |
Prior to October 15, 20202
|
Ìý |
100.000 |
Ìý |
Ìý |
Ìý |
Beginning on October 15, 2020 |
Ìý |
103.188 |
Ìý |
Ìý |
Ìý |
Beginning on October 15, 2021 |
Ìý |
101.594 |
Ìý |
Ìý |
Ìý |
Beginning on October 15, 2022 and thereafter |
Ìý |
100.000 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 ÌýPlus accrued and unpaid interest, if any, up to but excluding the redemption date.
|
2ÌýÌýPlus a "make-whole" premium.
|
|
Ìý
|
| 7.00% 2027 Senior Notes [Member] |
Ìý
|
Ìý
|
| Debt Instrument, Redemption [Line Items] |
Ìý
|
Ìý
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for our 7.00% 2027 Senior Notes:
|
|
|
|
|
Redemption Period |
Ìý |
Redemption Price1
|
Prior to March 15, 20222
|
Ìý |
100.000 |
% |
Beginning on March 15, 2022 |
Ìý |
103.500 |
Ìý |
Beginning on March 15, 2023 |
Ìý |
102.333 |
Ìý |
Beginning on March 15, 2024 |
Ìý |
101.167 |
Ìý |
Beginning on March 15, 2025 and thereafter |
Ìý |
100.000 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýÌýPlus accrued and unpaid interest, if any, up to but excluding the redemption date.
|
2ÌýÌýPlus a "make-whole" premium.
|
|
Ìý
|
| 7.50% 2023 AK Senior Notes [Member] |
Ìý
|
Ìý
|
| Debt Instrument, Redemption [Line Items] |
Ìý
|
Ìý
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 7.50% 2023 AK Senior Notes:
|
|
|
|
|
Redemption Period |
Ìý |
Redemption Price1
|
Prior to July 15, 2020 |
Ìý |
103.750 |
% |
Beginning on July 15, 2020 |
Ìý |
101.875 |
Ìý |
Beginning on July 15, 2021 and thereafter |
Ìý |
100.000 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýÌýPlus accrued and unpaid interest, if any, up to but excluding the redemption date.
|
|
Ìý
|
| 6.375% 2025 AK Senior Notes [Member] |
Ìý
|
Ìý
|
| Debt Instrument, Redemption [Line Items] |
Ìý
|
Ìý
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 6.375% 2025 AK Senior Notes:
|
|
|
|
|
Redemption Period |
Ìý |
Redemption Price1
|
Prior to October 15, 20202
|
Ìý |
100.000 |
% |
Beginning on October 15, 2020 |
Ìý |
103.188 |
Ìý |
Beginning on October 15, 2021 |
Ìý |
101.594 |
Ìý |
Beginning on October 15, 2022 and thereafter |
Ìý |
100.000 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýÌýPlus accrued and unpaid interest, if any, up to but excluding the redemption date.
|
2ÌýÌýPlus a "make-whole" premium.
|
|
Ìý
|
| 6.75% 2026 Senior Notes [Member] |
Ìý
|
Ìý
|
| Debt Instrument, Redemption [Line Items] |
Ìý
|
Ìý
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for our 6.75% 2026 Senior Secured Notes:
|
|
|
|
|
|
|
Redemption Period |
Ìý |
Redemption Price1
|
Ìý |
Restricted Amount |
Prior to March 15, 2022 - using proceeds of equity issuance |
Ìý |
106.750 |
% |
Ìý |
Up to 35% of original aggregate principal |
Prior to March 15, 20222
|
Ìý |
100.000 |
Ìý |
Ìý |
Ìý |
Beginning on March 15, 2022 |
Ìý |
105.063 |
Ìý |
Ìý |
Ìý |
Beginning on March 15, 2023 |
Ìý |
103.375 |
Ìý |
Ìý |
Ìý |
Beginning on March 15, 2024 |
Ìý |
101.688 |
Ìý |
Ìý |
Ìý |
Beginning on March 15, 2025 and thereafter |
Ìý |
100.000 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýÌýPlus accrued and unpaid interest, if any, up to, but excluding, the redemption date.
|
2ÌýÌýPlus a "make-whole" premium.
|
|
Ìý
|
| 7.00% 2027 AK Senior Notes [Member] |
Ìý
|
Ìý
|
| Debt Instrument, Redemption [Line Items] |
Ìý
|
Ìý
|
| Debt Instrument Redemption |
The following is a summary of redemption prices for the 7.00% 2027 AK Senior Notes:
|
|
|
|
|
Redemption Period |
Ìý |
Redemption Price1
|
Prior to March 15, 20222
|
Ìý |
100.000 |
% |
Beginning on March 15, 2022 |
Ìý |
103.500 |
Ìý |
Beginning on March 15, 2023 |
Ìý |
102.333 |
Ìý |
Beginning on March 15, 2024 |
Ìý |
101.167 |
Ìý |
Beginning on March 15, 2025 and thereafter |
Ìý |
100.000 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýÌýPlus accrued and unpaid interest, if any, up to but excluding the redemption date.
|
2ÌýÌýPlus a "make-whole" premium.
|
|
Ìý
|