Cleveland-Cliffs Seeks to Raise $982.5 Million in Share Sale
A Cleveland-Cliffs Inc. steel mill in Cleveland, Ohio.
Photographer: Luke Sharrett/BloombergCleveland-Cliffs Inc. is seeking to raise as much as $982.5 million in a share sale, as the steel and iron-ore pellet producer seeks to pay down debt.
The Cleveland-based company is offering 75 million shares for $12.85 to $13.10 each in a block trade, according to a term sheet seen by Bloomberg News. The pricing represents a discount of as much as 8.8% to Wednesday’s closing price of $14.09 each.