Cleveland-Cliffs (CLF) Successfully Amends Asset-Based Lending Facility

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Go back to Cleveland-Cliffs (CLF) Successfully Amends Asset-Based Lending Facility

Cleveland-Cliffs Successfully Amends Asset-Based Lending Facility

September 13, 2024 8:31 AM EDT

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (Cliffs) today announced that it successfully amended its $4.75 billion Asset-Based Lending (ABL) facility as part of the financing for the pending acquisition of Stelco Holdings Inc. (Stelco). Cliffs has completely replaced Goldman Sachs participation with increased commitments from Bank of America, Wells Fargo, J.P. Morgan, Fifth Third, Truist, Capital One, BMO, Huntington, and U.S. Bank. Additionally, PNC, Flagstar, UBS, MUFG, Regions, Barclays, ING, RBC, and First Citizens have also maintained their existing commitments to the ABL.

Cliffs Chairman, President and CEO, Lourenco Goncalves said:... More