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Cliffs Natural Resources Inc Announces Public Offering Of Common Shares And Mandatory Convertible Preferred Shares


Tuesday, 12 Feb 2013 04:33pm EST 

Cliffs Natural Resources Inc 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 (or up to 10,350,000 Common Shares if the underwriters of such offering exercise their option to purchase additional Common Shares), and 20,000,000 of its 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. The Company intends to use the net proceeds from the Common Shares Offering and the Mandatory Convertible Preferred Shares Offering to repay borrowings outstanding under its term loan facility. Any remaining net proceeds will be used for general corporate purposes. The Common Shares Offering is not contingent upon the successful completion of the Mandatory Convertible Preferred Shares Offering and the Mandatory Convertible Preferred Shares Offering is not contingent upon the successful completion of the Common Shares Offering.