Cleveland-Cliffs Inc CLF is trading higher Thursday after the company said it would fully redeem its 5.75% senior notes.
What Happened: Cleveland-Cliffs announced it intends to redeem the entirety of its $396 million aggregate principal amount of outstanding 5.75% senior notes due March 2025.
The company expects the total payment to holders of the notes to be about $407 million. The redemption date is expected to be on or before June 30.
"The redemption of these notes using available liquidity, nearly four years ahead of their maturity date, represents the first step in our mission to achieve zero net debt. Going forward, deleveraging will remain our top priority," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.
Most Recent Earnings: Cleveland-Cliffs announced first-quarter financial results on April 22. The company reported earnings of 35 cents per share, beating the estimate of 33 cents. The company increased its full-year 2021 adjusted EBITDA guidance to $4 billion up from $3.5 billion.
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Price Action: Cleveland-Cliffs traded as high as $22.89 and as low as $4.82 over a 52-week period.
At last check Thursday, the stock was up 6.58% at $20.17.
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