Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, May 21, 9:08 AM
This Slide: #511 of 581 |
Slide #511. 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 a flat-rolled steel producer in North America. Co. is a supplier of iron ore pellets in North America. Co.'s portfolio includes custom-made pellets and hot briquetted iron; flat-rolled carbon steel, stainless, electrical, plate, tinplate and long steel products; as well as carbon and stainless steel tubing, hot and cold stamping and tooling. Co. primarily sells its products to customers in four market categories: automotive; infrastructure and manufacturing, which includes electrical power; distributors and converters; and steel producers, which consume iron ore and metallics.
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