Key Developments: Cliffs Natural Resources Inc (CLF)
21.40USD
22 May 2013
$0.15 (+0.71%)
$21.25
$21.34
$21.96
$20.73
15,557,503
12,643,157
$53.13
$16.74
Latest Key Developments (Source: Significant Developments)
Cliffs Natural Resources Inc Declares Quarterly Cash Dividend on Common and Preferred Shares
Cliffs Natural Resources Inc announced that its Board of Directors declared a quarterly cash dividend on the Company's common shares of $0.15 per share. The cash dividend will be payable on June 3, 2013, to shareholders of record as of the close of business on May 17, 2013. Cliffs' Board of Directors also declared a quarterly cash dividend on the Company's 7.00% Series A Mandatory Convertible Preferred Stock, Class A ("Series A preferred stock"), of $17.50 per share, which is equivalent to approximately $0.44 per depositary share, each representing 1/40th of a share of Series A preferred stock. The cash dividend will be payable on Aug. 1, 2013 to shareholders of record as of the close of business on July 15, 2013. Full Article
Cliffs Natural Resources Inc Declares Cash Dividend on Preferred Shares
Cliffs Natural Resources Inc announced that its Board of Directors declared a quarterly cash dividend on the Company's 7.00% Series A Mandatory Convertible Preferred Stock, Class A (Series A preferred stock), of $13.6111 per share, which is equivalent to approximately 34 cents per depositary share, each representing 1/40th of a share of Series A preferred stock. The cash dividend will be payable on May 1, 2013 to shareholders of record as of the close of business on April 15, 2013. As of Feb. 21, 2013, there were a total of 29,250,000 depositary shares, representing a total of 731,250 shares of Series A preferred stock, outstanding. Full Article
Cliffs Natural Resources Inc Announces Public Offering Of Common Shares And Mandatory Convertible Preferred Shares
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 (Depositary Shares), each representing a 1/40th interest in a share of its new mandatory convertible preferred stock, Class A, $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 completion of the Mandatory Convertible Preferred Shares Offering and the Mandatory Convertible Preferred Shares Offering is not contingent upon the completion of the Common Shares Offering. J.P. Morgan and BofA Merrill Lynch are serving as joint book-running managers for the Common Shares Offering and the Mandatory Convertible Preferred Shares Offering. Full Article
Cliffs Natural Resources Inc Announces Public Offering Of Common Shares And Mandatory Convertible Preferred Shares
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. Full Article
Cliffs Natural Resources Inc Approves 76% Reduction to Quarterly Cash Dividend
Cliffs Natural Resources Inc announced that its Board of Directors approved the reduction of the Company's quarterly cash dividend rate by 76% to $0.15 per share. The dividend declaration date was Feb. 11, 2013 and the cash dividend will be payable on March 1, 2013, to shareholders of record as of the close of business on Feb. 22, 2013. Full Article
Cliffs Natural Resources Inc Announces Pricing of $500 Million Public Offering of Senior Notes
Cliffs Natural Resources Inc announced that it has priced its registered public offering of $500 million 3.95% Senior Notes due January 2018 (the Senior Notes). Cliffs expects to close the offering on December13, 2012, subject to customary closing conditions. The net proceeds from the issuance of the Senior Notes are expected to be used to repay Cliffs' Private Placement Senior Notes due in 2013 and 2015, as well as for general corporate purposes. The Senior Notes are rated Baa3 by Moody's Investors Service and BBB- by Standard & Poor's Ratings Services. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Citigroup Global Markets Inc. are serving as joint book-running managers for the offering. Full Article
Cliffs Natural Resources Inc Declares Quarterly Cash Dividend On Common Shares
Cliffs Natural Resources Inc announced that Board of Directors declared a quarterly cash dividend on the Company's common shares of $0.625 per share. The cash dividend will be payable on December 3, 2012, to shareholders of record as of the close of business on November 23, 2012. Full Article
Cliffs Natural Resources Inc's Subsidiary Finalizes Sale Of Sonoma Coal Mine Interest
Cliffs Natural Resources Inc announced that wholly owned subsidiary, Cliffs Australia Coal Pty Ltd, has finalized the sale of 45% economic interest in the Sonoma coal mine located in Queensland, Australia to joint venture partners, QCoal Sonoma Pty Ltd (QCoal) and JS Sonoma Pty Ltd (JSS). Cliffs divested interests in the Sonoma mine along with ownership of the affiliated wash plant. The Company sold 90% of interest to QCoal and the remaining 10% to JSS. Cliffs received approximately AUD141 million in cash upon the closing of the transaction. Full Article
Cliffs Natural Resources Inc's Cliffs Australia Coal Pty Ltd Announces Sale Of Sonoma Coal Mine Interest For AUD141 Million In Cash Proceeds
Cliffs Natural Resources Inc announced that its wholly owned subsidiary, Cliffs Australia Coal Pty Ltd, has entered into a definitive share and asset sale agreement to sell its 45% economic interest in the Sonoma joint venture coal mine located in Queensland, Australia to QCoal Sonoma Pty Ltd (QCoal). The assets to be sold include Cliffs' interests in the Sonoma mine along with its ownership of the affiliated wash plant. Upon completion of the transaction, Cliffs expects to collect approximately AUD$141 million in cash proceeds. The Company anticipates the transaction to close during the fourth quarter of 2012. In addition to QCoal, the Sonoma joint venture is comprised of three other participants: JS Sonoma Pty Ltd, CSC Sonoma Pty Ltd and Watami (Qld) Pty Ltd. Subject to terms of the existing joint venture agreement, each participant has the right to acquire their pro rata share of Cliffs' interest in the Sonoma joint venture on the terms and conditions of the sale agreement under which QCoal has made its offer to acquire. The participants have 60 days from the date the notice is given to accept the offer. To the extent that the other participants do not exercise their right to acquire their pro rata share of Cliffs' interest, QCoal will acquire those pro rata interests. Full Article
Cliffs Natural Resources Inc Declares Quarterly Cash Dividend On Common Shares
Cliffs Natural Resources Inc. announced that its Board of Directors declared a quarterly cash dividend on the Company's common shares of $0.625 per share. The cash dividend will be payable on Aug. 31, 2012, to shareholders of record as of the close of business on Aug. 15, 2012. Full Article
Cliffs quarterly profit falls, but tops expectations
- Cliffs Natural Resources Inc reported a drop in first-quarter profit on Wednesday but earnings were much better than analysts had expected, sending the iron ore and metallurgical coal miner's shares higher.
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