Annual report pursuant to Section 13 and 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.22.4
DEBT AND CREDIT FACILITIES (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt:
(In Millions)
Debt Instrument
Issuer1
Annual Effective Interest Rate December 31, 2022 December 31, 2021
Senior Secured Notes:
9.875% 2025 Senior Secured Notes
Cliffs 10.57% $   $ 607 
6.750% 2026 Senior Secured Notes
Cliffs 6.99% 829  845 
Senior Unsecured Notes:
1.500% 2025 Convertible Senior Notes
Cliffs 6.26%   294 
7.000% 2027 Senior Notes
Cliffs 9.24% 73  73 
7.000% 2027 AK Senior Notes
AK Steel 9.24% 56  56 
5.875% 2027 Senior Notes
Cliffs 6.49% 556  556 
4.625% 2029 Senior Notes
Cliffs 4.63% 368  500 
4.875% 2031 Senior Notes
Cliffs 4.88% 325  500 
6.250% 2040 Senior Notes
Cliffs 6.34% 235  263 
IRBs AK Steel Various   66 
ABL Facility3
Cliffs2
Variable3
1,864  1,609 
Total debt 4,306  5,369 
Unamortized discounts and issuance costs (57) (131)
Total long-term debt $ 4,249  $ 5,238 
1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 Our ABL Facility annual effective interest rate was 5.60% and 1.87%, respectively, as of December 31, 2022 and December 31, 2021.
The following represents a summary of our other unsecured senior notes' maturity and interest payable due dates:
Debt Instrument Maturity Interest Payable
(until maturity)
7.000% 2027 Senior Notes March 15, 2027 March 15 and September 15
5.875% 2027 Senior Notes June 1, 2027 June 1 and December 1
4.625% 2029 Senior Notes March 1, 2029 March 1 and September 1
4.875% 2031 Senior Notes March 1, 2031 March 1 and September 1
6.250% 2040 Senior Notes October 1, 2040 April 1 and October 1
Summary of Borrowing Capacity Under the ABL Facility
The following represents a summary of our borrowing capacity under the ABL Facility:
December 31,
(In millions) 2022
Available borrowing base on ABL Facility1
$ 4,500 
Borrowings (1,864)
Letter of credit obligations2
(150)
Borrowing capacity available $ 2,486 
1 As of December 31, 2022, the ABL Facility has a maximum available borrowing base of $4.5 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers' compensation, employee severance, insurance, operating agreements and environmental obligations.
Summary of Debt Extinguished
The following is a summary of the debt extinguished and the respective impact on extinguishment:
Year Ended December 31, 2022
(In millions) Debt Extinguished Gain (Loss) on Extinguishment
9.875% 2025 Senior Secured Notes $ 607  $ (85)
6.750% 2026 Senior Secured Notes 16  (1)
1.500% 2025 Convertible Senior Notes 294  (16)
4.625% 2029 Senior Notes 132  9 
4.875% 2024 Senior Secured Notes 175  13 
6.250% 2040 Senior Notes 28  3 
IRBs 66  2 
Total $ 1,318  $ (75)
Summary of Debt Instrument Maturities
The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2022 (in millions):
2023 2024 2025 2026 2027 Thereafter Total
$ —  $ —  $ 1,864  $ 829  $ 685  $ 928  $ 4,306