10:12 AM EDT, 08/13/2024 (MT Newswires) -- Cleveland-Cliffs ( CLF ) said Tuesday that it plans to offer $500 million of additional 7% senior notes due 2032.

The notes will be issued under the same indenture as the $825 million of 7% notes due 2032, issued on March 18, according to the company.

Net proceeds will be used to repay the remaining balance under its asset-based lending facility and finance its planned purchase of Stelco Holdings, the company said.

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