...is Cliffs intending to go shopping again? They just bought bucketloads of coal, will it be GWR's iron ore next.
$1B will enough for Wiluna West.
"Cliffs Natural Resources Inc. Announces Pricing of an Aggregate $1 Billion Public Offering of Senior Notes
CLEVELAND Sept. 15, 2010 Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that it has priced two tranches of a registered public offering of Senior Notes. A 10-year tranche includes $500 million aggregate principal amount of 4.80% Senior Notes due October 2020, and a 30-year tranche includes $500 million aggregate principal amount of 6.25% Senior Notes due October 2040. Cliffs expects to close the offering on September 20, 2010, subject to customary closing conditions. The net proceeds from the issuance of the Senior Notes are expected to be used for the repayment of all of the borrowings outstanding under the Company's credit facility, as well as for general corporate purposes, which may include, among other things, the funding of certain capital expenditures and other strategic transactions."
GWR Price at posting:
84.4¢ Sentiment: Buy Disclosure: Held
