Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Narrative) (Details)

DEBT AND CREDIT FACILITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 30, 2015

Dec. 31, 2014

Line of Credit Facility [Line Items]

Letters of credit outstanding

Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]

Line of Credit Facility [Line Items]

Stated interest rate

Repurchase Price of $540M 8.25% Notes if Triggering Event Occurs

Initial Redemption Price

Redemption Price after 2018

1

Redemption Price from time to time and Prior to March 31, 2018

1

Amount in aggregate that can be redeemed on or prior to March 31, 2018

Redemption Price of 35 percent or less of Outstanding

Amount to Remain Outstanding Prior to March 31, 2018

In the Event of Default Amount that will Accelerate

Debt Instrument, Par Value

Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]

Line of Credit Facility [Line Items]

Stated interest rate

Initial Redemption Price

Redemption Price beginning March 31, 2019

1

Redemption Price from time to time and Prior to March 31, 2017

1

Amount in aggregate that can be redeemed on or prior to March 31, 2017

Redemption Price of 35 percent or less of Outstanding

Amount to Remain Outstanding Prior to March 31, 2018

Debt Instrument, Par Value

Revolving Credit Facility [Member]

Line of Credit Facility [Line Items]

Revolving credit facility, borrowing capacity

Credit facility, amount outstanding

0

^[1]

0

^[2]

Debt Instrument, Par Value

Sublimit for Issuers of Letters of Credit for U.S. Tranche

Sublimit for U.S. Swingline Loans

Australian Tranche

Sublimit for Issuance of Letters of Credit for Australian Tranche

Sublimit for Australian Swingline Loans

Credit facility remaining capacity

LIBOR Rate Based on a One-month interest period plus 1 percent

Fixed Charge Coverage Ratio

Letters of credit outstanding

Foreign Exchange Hedge Obligations

Revolving Credit Facility [Member] | Minimum [Member]

Line of Credit Facility [Line Items]

Revolving Credit Facility [Member] | Maximum [Member]

Line of Credit Facility [Line Items]

[1]

As of March 31, 2015, no loans were drawn under the ABL Facility and we had total availability of $441.1 million as a result of borrowing base limitations. As of March 31, 2015, the principal amount of letter of credit obligations totaled $136.2 million and foreign exchange hedge obligations totaled $5.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $299.4 million.

[2]

As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement of which had $1.125 billion availability. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby further reducing available borrowing capacity on the revolving credit agreement to $975.5 million.