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Cliffs Natural Resources Aims to Raise $1 Billion

Cliffs Natural Resources Inc is hoping to raise $1 billion by selling senior notes. Bonds that carry a coupon rate of 4.8% that will mature in April 2021 will be issued for $700 million worth of notes. These will be offered on March 23, 2011. An additional $300 million worth of notes will be issued on April 1, 2011 and these will be with a coupon rate of 6.25% that will mature in October 2040.

The joint book-running managers for the offering are Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. The Senior Notes have been rated BAA3 by Moody's Investors Service and BBB- by Standard & Poor's Ratings Services.

The proceeds of the fund raising are likely to help finance a part of the Consolidated Thompson Iron Mines acquisition of Cliff Natural Resources. The international company is the largest producer of iron ore pellets in North America. They are also a major supplier of direct shipping lump and fine iron ore out of Australia. Cliff Natural Resources also is a significant producer of high and low volatile metallurgical coal.

They have three geographical business units that are the North American Business unit, the Asia Pacific unit and the Latin American. They also are developing a biomass production plant in Michigan and Ring of Fire chromite properties in Ontario, Canada.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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