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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

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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