ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.24.1.u1
DEBT AND CREDIT FACILITIES (Tables)
3 Months Ended
Mar. 31, 2024
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
March 31,
2024
December 31,
2023
Senior Secured Notes:
6.750% 2026 Senior Secured Notes
Cliffs 6.990% $ 189Ìý $ 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 750Ìý
4.875% 2031 Senior Notes
Cliffs 4.875% 325Ìý 325Ìý
7.000% 2032 Senior Notes
Cliffs 7.000% 825Ìý —Ìý
6.250% 2040 Senior Notes
Cliffs 6.340% 235Ìý 235Ìý
ABL Facility
Cliffs2
Variable3
342Ìý —Ìý
Total principal amount 3,719Ìý 3,192Ìý
Unamortized discounts and issuance costs (55) (55)
Total long-term debt $ 3,664Ìý $ 3,137Ìý
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 6.776% as of MarchÌý31, 2024.
The following represents a summary of our borrowing capacity under the ABL Facility:
(In millions) March 31,
2024
Available borrowing base on ABL Facility1
$ 4,398Ìý
Borrowings (342)
Letter of credit obligations2
(56)
Borrowing capacity available $ 4,000Ìý
1 As of MarchÌý31, 2024, 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, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations.
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, 2024 (in millions):
2024 2025 2026 2027 2028 Thereafter Total
$ —Ìý $ —Ìý $ 189Ìý $ 685Ìý $ 342Ìý $ 2,503Ìý $ 3,719Ìý