|
Hold (2.20 out of 4)
4th percentile
|
|
|
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Wednesday, April 24, 7:34 AM
Slide #549. Cliffs Natural Resources Inc. — Preferred Stock Offering
Company: |
Cliffs Natural Resources Inc. (NYSE:CLF) |
Date announced: |
2/12/2013 |
Shares Offered: |
20,000,000 |
Date of Pricing: |
2/14/2013 |
Price Per Share: |
$25 |
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. primarily operates through one reportable segment, which operates as a flat-rolled steel producer supported by being the iron ore pellet producer as well as a prime scrap processor in North America, primarily serving the automotive, infrastructure and manufacturing, and distributors and converters markets. Co.'s Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and assemblies.
Open the CLF Page at Preferred Stock Channel »
Open the CLF Page at Preferred Stock Channel (in a new window) »
|
|