Cleveland-Cliffs Stock Surges on Debt Issue Upsizing
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BTCCSquare news:
Cleveland-Cliffs (CLF) shares jumped 9% after the steelmaker announced a nearly 40% increase in its senior unsecured notes offering, signaling strong investor appetite for corporate debt. The company upsized the $200 million issue to $275 million, pricing at 102.8% of principal with a 7% yield.
Proceeds will retire asset-based lending facility debt, reflecting strategic balance sheet management. The market response outpaced the broader index's 0.6% gain, highlighting confidence in the firm's capital allocation strategy amid costly steel production demands.
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