09:27 AM EDT, 09/13/2024 (MT Newswires) -- Cleveland-Cliffs ( CLF ) said Friday it amended its $4.75 billion asset-based lending facility to support its upcoming acquisition of Stelco Holdings, replacing Goldman Sachs ( GS ) with increased commitments from other banks including Bank of America ( BAC ) , Wells Fargo ( WFC ) and JP Morgan (JPM).

Banks such as PNC (PNC), UBS (UBS) and Barclays maintained their existing commitments to the ABL, the company said.

Cleveland-Cliffs ( CLF ) said it has no net borrowings currently on its ABL, which matures in 2028, and expects to close the Stelco acquisition in Q4.

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