星空传媒 Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

DEBT AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

听

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,
2024

December 31,
2023

Senior Secured Notes:

6.750% 2026 Senior Secured Notes

Cliffs

6.990%

鈥�听

829听

Senior Unsecured Notes:

7.000% 2027 Senior Notes

Cliffs

9.240%

73听

7.000% 2027 AK Senior Notes

AK Steel

9.240%

56听

5.875% 2027 Senior Notes

Cliffs

6.490%

556听

4.625% 2029 Senior Notes

Cliffs

4.625%

368听

6.750% 2030 Senior Notes

Cliffs

6.750%

750听

4.875% 2031 Senior Notes

Cliffs

4.875%

325听

7.000% 2032 Senior Notes

Cliffs

7.054%

1,425听

鈥斕�

6.250% 2040 Senior Notes

Cliffs

6.340%

235听

ABL Facility

Cliffs2

Variable3

47听

鈥斕�

Total principal amount

3,835听

3,192听

Unamortized discounts and issuance costs

(61)

(55)

Total long-term debt

3,774听

3,137听

1 Unless otherwise noted, references in this column and throughout this NOTE 7 - DEBT AND CREDIT FACILITIES to "Cliffs" are to 星空传媒 Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a 星空传媒 Steel Corporation).

2 Refers to 星空传媒 Inc. as borrower under our ABL Facility.

3 Our ABL Facility annual effective interest rate was 8.25% as of September听30, 2024. Any incremental borrowings on our ABL Facility, as of September 30, 2024, would have had an interest rate between 5.63% and 8.25%.

The following represents a summary of our borrowing capacity under the ABL Facility:


(In millions)	September 30, 2024
Available borrowing base on ABL Facility1	$	3,833听
Borrowings	(47)
Letter of credit obligations2	(46)
Borrowing capacity available	$	3,740听

1 As of September听30, 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 September听30, 2024 (in millions):


2024		2025		2026		2027		2028		Thereafter		Total
$	鈥斕�	$	鈥斕�	$	鈥斕�	$	685听	$	47听	$	3,103听	$	3,835听

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details