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Quotes delayed 20 minutes
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Buy (3.40 out of 4)
61st percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Saturday, February 16, 4:54 PM
Slide #375. Cliffs Natural Resources Inc. — Preferred Stock Offering
| Company: |
Cliffs Natural Resources Inc. (NYSE:CLF) |
| Date announced: |
2/12/2013 |
| Shares Offered: |
9,000,000 |
| Date of Pricing: |
2/14/2013 |
| Price Per Share: |
$29.00 |
| Preferred Stock Offering Details: |
Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) (the "Company") today announced that it is offering to sell, subject to market and other conditions, 9,000,000 of its common shares, par value $0.125 per share ("Common Shares") (or up to 10,350,000 Common Shares if the underwriters of such offering exercise their option to purchase additional Common Shares) (the "Common Shares Offering"), and 20,000,000 of its depositary shares ("Depositary Shares"), each representing a 1/40th interest in a share of its new mandatory convertible preferred stock, Class A ("Mandatory Convertible Preferred Shares"), $1,000 liquidation preference per Mandatory Convertible Preferred Share (equivalent to $25 per Depositary Share) (or up to 23,000,000 Depositary Shares if the underwriters of such offering exercise their over-allotment option in full) (the "Mandatory Convertible Preferred Shares Offering") in separate registered public offerings. |
Cleveland-Cliffs is an iron ore mining company. Co. is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. Additionally, Co. operates an iron ore mining complex in Western Australia. Co.'s operations are organized according to geographic location: U.S. Iron Ore, where Co. is a producer of iron ore pellets, primarily selling production from U.S. Iron Ore to integrated steel companies in the U.S., Canada and Mexico; and Asia Pacific Iron Ore, consisting solely of Co.'s wholly owned Koolyanobbing operation, which provides direct-shipped fines and lump ore.
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