ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.23.3
DEBT AND CREDIT FACILITIES (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract] Ìý
Schedule of Long-Term Debt
The following represents a summary of our long-term debt:
(In millions)
Debt Instrument
Issuer1
Annual Effective
Interest Rate		 September 30,
2023		 December 31,
2022
Senior Secured Notes:
6.750% 2026 Senior Secured Notes
 Cliffs 6.990% $ 829Ìý $ 829Ìý
Senior Unsecured Notes:
7.000% 2027 Senior Notes
 Cliffs 9.240% 73Ìý 73Ìý
7.000% 2027 AK Senior Notes
 AK Steel 9.240% 56Ìý 56Ìý
5.875% 2027 Senior Notes
 Cliffs 6.490% 556Ìý 556Ìý
4.625% 2029 Senior Notes
Cliffs 4.625% 368Ìý 368Ìý
6.750% 2030 Senior Notes
 Cliffs 6.750% 750Ìý —Ìý
4.875% 2031 Senior Notes
 Cliffs 4.875% 325Ìý 325Ìý
6.250% 2040 Senior Notes
 Cliffs 6.340% 235Ìý 235Ìý
ABL Facility
Cliffs2
Variable3
325Ìý 1,864Ìý
Total principal amount 3,517Ìý 4,306Ìý
Unamortized discounts and issuance costs (59) (57)
Total long-term debt $ 3,458Ìý $ 4,249Ìý
1 Unless otherwise noted, references in this column and throughout this NOTE 7 - DEBT AND CREDIT FACILITIES to "Cliffs" are to ÐÇ¿Õ´«Ã½ Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a ÐÇ¿Õ´«Ã½ Steel Corporation).
2 Refers to ÐÇ¿Õ´«Ã½ Inc. as borrower under our ABL Facility.
3 Our ABL Facility annual effective interest rate was 7.148% and 5.602%, respectively, as of SeptemberÌý30, 2023 and DecemberÌý31, 2022.
The following represents a summary of our borrowing capacity under the ABL Facility:
(In millions) September 30,
2023
Available borrowing base on ABL Facility1
$ 4,750Ìý
Borrowings (325)
Letter of credit obligations2
(94)
Borrowing capacity available $ 4,331Ìý
1 As of SeptemberÌý30, 2023, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, workers' compensation, operating agreements, employee severance, environmental obligations, and insurance.
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 SeptemberÌý30, 2023 (in millions):
2023 2024 2025 2026 2027 Thereafter Total
$ —Ìý $ —Ìý $ —Ìý $ 829Ìý $ 685Ìý $ 2,003Ìý $ 3,517Ìý