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Quick Thoughts on $CLF Share Offering

Thursday, February 9, 2017 21:16
% of readers think this story is Fact. Add your two cents. / Dr. Fly / Feb 9, 2017

After the close, $CLF announced a share offering of 50m shares to be used for the purposes of purchasing some of its senior notes — which as of tonight trades below par at around $95. This is precisely what a company on the mend is supposed to do — deleverage the balance sheet using the stock as the prime currency.

This is all very bullish — as it demonstrates a keen demand for the shares even at elevated levels.

Cliffs Natural Resources commences offering of 50 mln common shares or up to an aggregate of 57.5 mln Common Shares if the underwriter exercises its option (11.37 +1.85)

Co intends to use a portion of the net proceeds received from the Offering to fund the purchase of certain of its outstanding senior notes due March 2020, October 2020 and April 2021 pursuant to tender offers, including fees and expenses related to the tender offers. The Company intends to use the remaining net proceeds of this Offering for general corporate purposes, including the redemption of a portion of its outstanding senior secured notes and/or the repurchase of additional tender notes.


The post Quick Thoughts on $CLF Share Offering appeared first on Silver For The People.


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