24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director Arlene M Yocum received 27,397 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director M Ann Harlan received 27,397 shares as part of the equity award.
24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director Robert P Fisher Jr. received 27,397 shares as part of the equity award.
24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director Gabriel Stoliar received 27,397 shares as part of the equity award.
24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director Ralph S Michael III received 27,397 shares as part of the equity award.
24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director William K Gerber received 27,397 shares as part of the equity award.
24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director Douglas C Taylor received 27,397 shares as part of the equity award.
24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director Janet L Miller received 27,397 shares as part of the equity award.
24 Apr 2020director interest notice● Neutral
CLEVELAND-CLIFFS INC. director Susan Miranda Green received 27,397 shares as part of the equity award.
24 Apr 2020debt financing● NeutralMajor
Cliffs added $555.2 million more to its new 9.875% Secured Notes due 2025, a large add-on to the notes it had issued a week earlier.
17 Apr 2020material agreement▼ BadMajor
As COVID-19 roiled credit markets, Cliffs issued $400 million of new 9.875% Senior Secured Notes due 2025 - a notably higher coupon than its pre-pandemic debt, reflecting the stressed market conditions just weeks after closing the AK Steel merger.
15 Apr 2020quarterly activities report▼ Bad
Cliffs issued a COVID-19 company update with certain preliminary first-quarter results. It also announced a proposed $400 million offering of senior secured notes due 2025.
2 Apr 2020debt financing● Neutral
Cliffs amended its $2 billion asset-based revolving credit facility to carve out a new $150 million 'first-in, last-out' tranche, restructuring the facility's layers without changing its total size.
27 Mar 2020securities registration● Neutral
CLEVELAND-CLIFFS INC. filed the final prospectus for a registered offering.
20 Mar 2020securities registration● Neutral
CLEVELAND-CLIFFS INC. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
20 Mar 2020debt financing● Neutral
Cliffs registered the $750 million of 5.875% senior guaranteed notes due 2027 it had sold privately on May 13, 2019, so holders could swap into freely tradeable paper - a registration-rights formality, not new borrowing. It is dated a week after the AK Steel merger completed on March 13, 2020, and the same prospectus recounts the separate exchange offers and consent solicitations that moved AK Steel's 2025 and 2027 notes onto Cliffs' own balance sheet.
16 Mar 2020debt financing▲ GoodMajor
Cliffs settled its exchange offers for AK Steel's existing notes, issuing new Cliffs notes to noteholders and completing the debt-integration leg of the AK Steel acquisition.
13 Mar 2020asset acquisition disposition▲ GoodMajor
Cliffs completed its acquisition of AK Steel: the merger closed, AK Steel became a wholly owned Cliffs subsidiary, and Cliffs became a vertically integrated iron ore and steel producer for the first time - the culmination of the deal announced in December 2019.
9 Mar 2020agm notice● Neutral
Cliffs filed its proxy statement for the April 22, 2020 annual meeting. Shareholders were asked to elect directors (twelve if the AK Steel merger closed first, eleven if not), give an advisory vote on executive pay and ratify Deloitte as auditor.
9 Mar 2020agm notice● Neutral
Cliffs filed definitive additional proxy materials (a DEFA14A) in March 2020. The text contains only the cover page, with no meeting details or agenda.
3 Mar 2020business combination● Neutral
Cliffs made supplemental disclosures about the AK Steel merger process to moot shareholder litigation alleging inadequate proxy disclosures - a standard step to avoid delaying the shareholder vote.
27 Feb 2020merger communication● Neutral
A second letter to shareholders ahead of the AK Steel merger vote, filed under the merger communications rules.
26 Feb 2020business combination● Neutral
Cliffs filed pro forma financial information for the AK Steel merger, a procedural disclosure ahead of the deal's expected first-quarter 2020 close.
26 Feb 2020merger communication● NeutralMajor
Cliffs launched a tender offer related to AK Steel's outstanding notes as part of folding AK Steel's debt into its own capital structure ahead of the merger's close.
25 Feb 2020merger communication▲ GoodMajor
Cliffs disclosed a favorable voting recommendation on the AK Steel merger ahead of the March 10 shareholder meeting, another step clearing the way to closing.
24 Feb 2020merger communication● Neutral
A social media (Facebook) promotional post about the pending AK Steel merger, filed under the merger communications rules.
21 Feb 2020merger communication▲ GoodMajor
Cliffs and AK Steel announced they had cleared antitrust review, satisfying a key remaining condition to closing the merger.
20 Feb 2020quarterly activities report▼ Bad
Cliffs reported fourth-quarter 2019 revenue of $534 million and net income of $63 million ($0.23 per diluted share), versus $696 million revenue and $610 million net income a year earlier. Full-year 2019 net income was $293 million.
20 Feb 2020merger communication● Neutral
Cliffs' Q4 2019 earnings release, filed under the merger communications rules alongside the same day's earnings call.
20 Feb 2020merger communication● Neutral
Cliffs' Q4 2019 earnings call transcript, filed under the merger communications rules because of the pending AK Steel deal; the results themselves were unrelated to the merger's terms.