Cliffs Natural Resources (NYSE:CLF) continues to have a tumultuous year. The company (and its activist investors) has been forced to throw ideas at the wall and see what sticks. Thus far, the wall is winning.
The most recent idea is the debt tender:
...announced today the commencement of tender offers to purchase for cash up to the maximum aggregate principal amount of its outstanding 3.95% Senior Notes due 2018 , 5.90% Senior Notes due 2020, 4.80% Senior Notes due 2020, 4.875% Senior Notes due 2021 and 6.25% Senior Notes due 2040 that it can purchase for up to $600.0 million in cash, excluding accrued and unpaid interest up to the Settlement Date... The Company currently intends to finance the purchase of Securities tendered in the Tender Offers by issuing at least $1.1 billion in aggregate principal amount of senior secured debt securities that will mature prior to the 2020…
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