Cleveland-Cliffs Inc.: Covenant Quality Post-Sale Snapshot: $900m/$900m 6.875%/7.375% Senior Guaranteed Notes due 2029/2033
Cleveland Cliffs Inc.'s covenant package provides upper-tier HY-Lite protection, reflecting a covenant quality score of 5.00.Cleveland-Cliffs is an iron ore mining company. The company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The company is organized according to its differentiated products. The company has two segments: Mining and Pelletizing, which the company is a main producer of iron ore pellets, primarily selling production from its Mining and Pelletizing segment to integrated steel companies in the U.S. and Canada; and Metallics, which constructing a Hot Briquetted Iron (HBI) production plant, whereby HBI is an iron alternative to scrap that, when used as a feedstock, allows an Electric Arc Furnace to produces valuable grades of steel.
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