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v3.20.1

DEBT AND CREDIT FACILITIES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020 | Mar. 31, 2019
Debt Instrument, Redemption [Line Items] |  |
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt:
(In Millions)
March 31, 2020
Debt Instrument |  | Issuer 1 |  | Annual Effective Interest Rate |  | Total Principal Amount |  | Debt Issuance Costs |  | Unamortized Premiums (Discounts) |  | Total Debt
Senior Secured Notes: |  |  |  |  |  |  |  |  |  |  |  |
4.875% 2024 Senior Secured Notes |  | Cliffs |  | 5.00% |  | $ | 400.0 |  |  | $ | (4.3 | ) |  | $ | (1.7 | ) |  | $ | 394.0 |
6.75% 2026 Senior Secured Notes |  | Cliffs |  | 7.00% |  | 725.0 |  |  | (20.3 | ) |  | (8.8 | ) |  | 695.9 |
Senior Unsecured Notes: |  |  |  |  |  |  |  |  |  |  |  |
7.625% 2021 AK Senior Notes |  | AK Steel |  | 7.33% |  | 33.5 |  |  | — |  |  | 0.1 |  |  | 33.6 |
7.50% 2023 AK Senior Notes |  | AK Steel |  | 6.17% |  | 12.8 |  |  | — |  |  | 0.5 |  |  | 13.3 |
6.375% 2025 Senior Notes |  | Cliffs |  | 8.11% |  | 231.8 |  |  | (0.9 | ) |  | (17.9 | ) |  | 213.0 |
6.375% 2025 AK Senior Notes |  | AK Steel |  | 8.11% |  | 38.4 |  |  | — |  |  | (3.0 | ) |  | 35.4 |
1.50% 2025 Convertible Senior Notes |  | Cliffs |  | 6.26% |  | 316.3 |  |  | (4.4 | ) |  | (62.2 | ) |  | 249.7 |
5.75% 2025 Senior Notes |  | Cliffs |  | 6.01% |  | 473.3 |  |  | (3.5 | ) |  | (5.3 | ) |  | 464.5 |
7.00% 2027 Senior Notes |  | Cliffs |  | 9.24% |  | 335.4 |  |  | (1.3 | ) |  | (38.4 | ) |  | 295.7 |
7.00% 2027 AK Senior Notes |  | AK Steel |  | 9.24% |  | 56.3 |  |  | — |  |  | (6.4 | ) |  | 49.9 |
5.875% 2027 Senior Notes |  | Cliffs |  | 6.49% |  | 750.0 |  |  | (6.2 | ) |  | (26.6 | ) |  | 717.2 |
6.25% 2040 Senior Notes |  | Cliffs |  | 6.34% |  | 298.4 |  |  | (2.1 | ) |  | (3.2 | ) |  | 293.1 |
IRBs due 2020 to 2028 |  | AK Steel |  | Various |  | 99.3 |  |  | — |  |  | 2.5 |  |  | 101.8 |
ABL Facility |  | Cliffs 2 |  | 2.33% |  | 2,000.0 |  |  | — |  |  | — |  |  | 800.0 |
Total long-term debt |  |  |  |  |  |  |  |  |  |  |  | $ | 4,357.1 |
1 Unless otherwise noted, references in this column to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation.
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
(In Millions)
December 31, 2019
Debt Instrument |  | Issuer 1 |  | Annual Effective Interest Rate |  | Total Principal Amount |  | Debt Issuance Costs |  | Unamortized Discounts |  | Total Debt
Senior Secured Notes: |  |  |  |  |  |  |  |  |  |  |  |
4.875% 2024 Senior Notes |  | Cliffs |  | 5.00% |  | $ | 400.0 |  |  | $ | (4.6 | ) |  | $ | (1.8 | ) |  | $ | 393.6 |
Senior Unsecured Notes: |  |  |  |  |  |  |  |  |  |  |  |
1.50% 2025 Convertible Senior Notes |  | Cliffs |  | 6.26% |  | 316.3 |  |  | (4.6 | ) |  | (65.0 | ) |  | 246.7 |
5.75% 2025 Senior Notes |  | Cliffs |  | 6.01% |  | 473.3 |  |  | (3.6 | ) |  | (5.5 | ) |  | 464.2 |
5.875% 2027 Senior Notes |  | Cliffs |  | 6.49% |  | 750.0 |  |  | (6.3 | ) |  | (27.3 | ) |  | 716.4 |
6.25% 2040 Senior Notes |  | Cliffs |  | 6.34% |  | 298.4 |  |  | (2.2 | ) |  | (3.3 | ) |  | 292.9 |
Former ABL Facility |  | Cliffs 2 |  | N/A |  | 450.0 |  |  | N/A |  |  | N/A |  |  | — |
Total long-term debt |  |  |  |  |  |  |  |  |  |  |  | $ | 2,113.8 |
1 Unless otherwise noted, references in this column to "Cliffs" are to Cleveland-Cliffs Inc.
2 Refers to Cleveland-Cliffs Inc. and certain of its subsidiaries as borrowers under our Former ABL Facility.
Schedule of Extinguishment of Debt | The following is a summary of the debt extinguished and the respective gain on extinguishment:
|  | (In Millions)
|  | Three Months Ended March 31, 2020
Debt Instrument |  | Debt Extinguished |  | Gain on Extinguishment 1
7.625% 2021 AK Senior Notes |  | $ | 372.7 |  |  | $ | 0.4 |
7.50% 2023 AK Senior Notes |  | 367.2 |  |  | 2.8 |
|  | $ | 739.9 |  |  | $ | 3.2 |
1 The gain on extinguishment relates to the March 27, 2020 purchases.
| The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
|  | (In Millions)
|  | Three Months Ended March 31, 2019
Debt Instrument |  | Debt Extinguished |  | (Loss) on Extinguishment
4.875% 2021 Senior Notes |  | $ | 10.0 |  |  | $ | (0.3 | )
|  | $ | 10.0 |  |  | $ | (0.3 | )
Schedule of Line of Credit Facilities | The following represents a summary of our borrowing capacity under the ABL Facility:
|  | (In Millions)
|  | March 31, 2020
Available borrowing base on ABL Facility 1 |  | $ | 1,789.3 |
Borrowings |  | (800.0 | )
Letter of credit obligations 2 |  | (199.3 | )
Borrowing capacity available |  | $ | 790.0 |
Schedule of Maturities of Long-term Debt | The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2020:
|  | (In Millions)
|  | Maturities of Debt
2020 (remaining period of year)1 |  | $ | 7.3 |
2021 |  | 33.5 |
2022 |  | — |
2023 |  | 12.8 |
2024 |  | 462.0 |
Thereafter |  | 4,054.9 |
Total maturities of debt |  | $ | 4,570.5 |
1 Amounts maturing in 2020 are classified as Long-term debt based on our ability and intent to refinance on a long-term basis.
6.375% 2025 Senior Notes [Member] |  |
Debt Instrument, Redemption [Line Items] |  |
Debt Instrument Redemption | The following is a summary of redemption prices for our 6.375% 2025 Senior Notes:
Redemption Period |  | Redemption Price 1 |  | Restricted Amount
Prior to October 15, 2020 - using proceeds of equity issuance |  | 106.375 | % |  | Up to 35% of original aggregate principal
Prior to October 15, 2020 2 |  | 100.000 |  |  |
Beginning on October 15, 2020 |  | 103.188 |  |  |
Beginning on October 15, 2021 |  | 101.594 |  |  |
Beginning on October 15, 2022 and thereafter |  | 100.000 |  |  |
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
2 Plus a "make-whole" premium.
7.00% 2027 Senior Notes [Member] |  |
Debt Instrument, Redemption [Line Items] |  |
Debt Instrument Redemption | The following is a summary of redemption prices for our 7.00% 2027 Senior Notes:
Redemption Period |  | Redemption Price 1
Prior to March 15, 2022 2 |  | 100.000 | %
Beginning on March 15, 2022 |  | 103.500 |
Beginning on March 15, 2023 |  | 102.333 |
Beginning on March 15, 2024 |  | 101.167 |
Beginning on March 15, 2025 and thereafter |  | 100.000 |
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
2 Plus a "make-whole" premium.
7.50% 2023 AK Senior Notes [Member] |  |
Debt Instrument, Redemption [Line Items] |  |
Debt Instrument Redemption | The following is a summary of redemption prices for the 7.50% 2023 AK Senior Notes:
Redemption Period |  | Redemption Price 1
Prior to July 15, 2020 |  | 103.750 | %
Beginning on July 15, 2020 |  | 101.875 |
Beginning on July 15, 2021 and thereafter |  | 100.000 |
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
6.375% 2025 AK Senior Notes [Member] |  |
Debt Instrument, Redemption [Line Items] |  |
Debt Instrument Redemption | The following is a summary of redemption prices for the 6.375% 2025 AK Senior Notes:
Redemption Period |  | Redemption Price 1
Prior to October 15, 2020 2 |  | 100.000 | %
Beginning on October 15, 2020 |  | 103.188 |
Beginning on October 15, 2021 |  | 101.594 |
Beginning on October 15, 2022 and thereafter |  | 100.000 |
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
2 Plus a "make-whole" premium.
6.75% 2026 Senior Notes [Member] |  |
Debt Instrument, Redemption [Line Items] |  |
Debt Instrument Redemption | The following is a summary of redemption prices for our 6.75% 2026 Senior Secured Notes:
Redemption Period |  | Redemption Price 1 |  | Restricted Amount
Prior to March 15, 2022 - using proceeds of equity issuance |  | 106.750 | % |  | Up to 35% of original aggregate principal
Prior to March 15, 2022 2 |  | 100.000 |  |  |
Beginning on March 15, 2022 |  | 105.063 |  |  |
Beginning on March 15, 2023 |  | 103.375 |  |  |
Beginning on March 15, 2024 |  | 101.688 |  |  |
Beginning on March 15, 2025 and thereafter |  | 100.000 |  |  |
1 Plus accrued and unpaid interest, if any, up to, but excluding, the redemption date.
2 Plus a "make-whole" premium.
7.00% 2027 AK Senior Notes [Member] |  |
Debt Instrument, Redemption [Line Items] |  |
Debt Instrument Redemption | The following is a summary of redemption prices for the 7.00% 2027 AK Senior Notes:
Redemption Period |  | Redemption Price 1
Prior to March 15, 2022 2 |  | 100.000 | %
Beginning on March 15, 2022 |  | 103.500 |
Beginning on March 15, 2023 |  | 102.333 |
Beginning on March 15, 2024 |  | 101.167 |
Beginning on March 15, 2025 and thereafter |  | 100.000 |
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
2 Plus a "make-whole" premium.

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