Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.24.3
DEBT AND CREDIT FACILITIES (Tables)
 9 Months Ended
Sep. 30, 2024
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		 September 30,
2024		 December 31,
2023
Senior Secured Notes:
6.750% 2026 Senior Secured Notes
 Cliffs 6.990% $ —  $ 829 
Senior Unsecured Notes:
7.000% 2027 Senior Notes
 Cliffs 9.240% 73  73 
7.000% 2027 AK Senior Notes
 AK Steel 9.240% 56  56 
5.875% 2027 Senior Notes
 Cliffs 6.490% 556  556 
4.625% 2029 Senior Notes
Cliffs 4.625% 368  368 
6.750% 2030 Senior Notes
 Cliffs 6.750% 750  750 
4.875% 2031 Senior Notes
 Cliffs 4.875% 325  325 
7.000% 2032 Senior Notes
 Cliffs 7.054% 1,425  — 
6.250% 2040 Senior Notes
 Cliffs 6.340% 235  235 
ABL Facility
Cliffs2
Variable3
47  — 
Total principal amount 3,835  3,192 
Unamortized discounts and issuance costs (61) (55)
Total long-term debt $ 3,774  $ 3,137 
1 Unless otherwise noted, references in this column and throughout this NOTE 7 - 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 8.25% as of September 30, 2024. Any incremental borrowings on our ABL Facility, as of September 30, 2024, would have had an interest rate between 5.63% and 8.25%.
The following represents a summary of our borrowing capacity under the ABL Facility:
(In millions) September 30,
2024
Available borrowing base on ABL Facility1
$ 3,833 
Borrowings (47)
Letter of credit obligations2
(46)
Borrowing capacity available $ 3,740 
1 As of September 30, 2024, the ABL Facility has a maximum available borrowing base of $4.75 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, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations.
Schedule of Maturities of Long-term Debt
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at September 30, 2024 (in millions):
2024 2025 2026 2027 2028 Thereafter Total
$ —  $ —  $ —  $ 685  $ 47  $ 3,103  $ 3,835