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DEBT AND CREDIT FACILITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Debt Instrument, Redemption [Line Items] |
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt:
(In Millions)
June 30, 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% |  | $ | 394.5 |  |  | $ | (4.0 | ) |  | $ | (1.6 | ) |  | $ | 388.9 |
9.875% 2025 Senior Secured Notes |  | Cliffs |  | 10.57% |  | 955.2 |  |  | (8.7 | ) |  | (26.7 | ) |  | 919.8 |
6.75% 2026 Senior Secured Notes |  | Cliffs |  | 6.99% |  | 845.0 |  |  | (22.6 | ) |  | (9.4 | ) |  | 813.0 |
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% |  | 64.3 |  |  | (0.2 | ) |  | (4.8 | ) |  | 59.3 |
6.375% 2025 AK Senior Notes |  | AK Steel |  | 8.11% |  | 38.4 |  |  | — |  |  | (2.9 | ) |  | 35.5 |
1.50% 2025 Convertible Senior Notes |  | Cliffs |  | 6.26% |  | 296.3 |  |  | (3.9 | ) |  | (55.6 | ) |  | 236.8 |
5.75% 2025 Senior Notes |  | Cliffs |  | 6.01% |  | 396.2 |  |  | (2.8 | ) |  | (4.3 | ) |  | 389.1 |
7.00% 2027 Senior Notes |  | Cliffs |  | 9.24% |  | 88.0 |  |  | (0.3 | ) |  | (9.8 | ) |  | 77.9 |
7.00% 2027 AK Senior Notes |  | AK Steel |  | 9.24% |  | 56.3 |  |  | — |  |  | (6.2 | ) |  | 50.1 |
5.875% 2027 Senior Notes |  | Cliffs |  | 6.49% |  | 555.5 |  |  | (4.5 | ) |  | (19.0 | ) |  | 532.0 |
6.25% 2040 Senior Notes |  | Cliffs |  | 6.34% |  | 262.7 |  |  | (1.9 | ) |  | (2.8 | ) |  | 258.0 |
IRBs due 2024 to 2028 |  | AK Steel |  | Various |  | 92.0 |  |  | — |  |  | 2.3 |  |  | 94.3 |
ABL Facility |  | Cliffs 2 |  | 2.79% |  | 2,000.0 |  |  | — |  |  | — |  |  | 550.0 |
Total long-term debt |  |  |  |  |  |  |  |  |  |  |  | $ | 4,451.6 |
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 June 30, 2020 |  | Six Months Ended June 30, 2020
Debt Instrument |  | Debt Extinguished |  | Gain on Extinguishment |  | Debt Extinguished |  | Gain on Extinguishment
7.625% 2021 AK Senior Notes |  | $ | — |  |  | $ | — |  |  | $ | 372.7 |  |  | $ | 0.4 |
7.50% 2023 AK Senior Notes |  | — |  |  | — |  |  | 367.2 |  |  | 2.8 |
4.875% 2024 Senior Secured Notes |  | 5.5 |  |  | 0.5 |  |  | 5.5 |  |  | 0.5 |
6.375% 2025 Senior Notes |  | 167.5 |  |  | 21.3 |  |  | 167.5 |  |  | 21.3 |
1.50% 2025 Convertible Senior Notes |  | 20.0 |  |  | 1.3 |  |  | 20.0 |  |  | 1.3 |
5.75% 2025 Senior Notes |  | 77.1 |  |  | 16.3 |  |  | 77.1 |  |  | 16.3 |
7.00% 2027 Senior Notes |  | 247.3 |  |  | 28.4 |  |  | 247.3 |  |  | 28.4 |
5.875% 2027 Senior Notes |  | 194.5 |  |  | 48.7 |  |  | 194.5 |  |  | 48.7 |
6.25% 2040 Senior Notes |  | 35.7 |  |  | 12.9 |  |  | 35.7 |  |  | 12.9 |
|  | $ | 747.6 |  |  | $ | 129.4 |  |  | $ | 1,487.5 |  |  | $ | 132.6 |
Debt Extinguishments - 2019 The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
|  | (In Millions)
|  | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Debt Instrument |  | Debt Extinguished |  | (Loss) on Extinguishment |  | Debt Extinguished |  | (Loss) on Extinguishment
4.875% 2021 Senior Notes |  | $ | 114.0 |  |  | $ | (5.0 | ) |  | $ | 124.0 |  |  | $ | (5.3 | )
5.75% 2025 Senior Notes |  | 600.0 |  |  | (12.9 | ) |  | 600.0 |  |  | (12.9 | )
|  | $ | 714.0 |  |  | $ | (17.9 | ) |  | $ | 724.0 |  |  | $ | (18.2 | )
Schedule of Line of Credit Facilities | The following represents a summary of our borrowing capacity under the ABL Facility:
|  | (In Millions)
|  | June 30, 2020
Available borrowing base on ABL Facility 1 |  | $ | 1,652.1 |
Borrowings |  | (550.0 | )
Letter of credit obligations 2 |  | (198.5 | )
Borrowing capacity available |  | $ | 903.6 |
1 As of June 30, 2020, the ABL Facility has a maximum borrowing base of $2.0 billion. The available borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. 2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers' compensation, employee severance, IRBs and environmental obligations.
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 June 30, 2020:
|  | (In Millions)
|  | Maturities of Debt
2020 (remaining period of year) |  | $ | — |
2021 |  | 33.5 |
2022 |  | — |
2023 |  | 12.8 |
2024 |  | 456.5 |
Thereafter |  | 4,137.9 |
Total maturities of debt |  | $ | 4,640.7 |
9.875% 2025 Senior Secured Notes [Member] |
Debt Instrument, Redemption [Line Items] |
Debt Instrument Redemption | The following is a summary of redemption prices for our 9.875% 2025 Senior Secured Notes:
Redemption Period |  | Redemption Price 1 |  | Restricted Amount
Prior to August 15, 2020 - using proceeds of a regulatory debt facility |  | 103.000 | % |  | Up to 35% of original aggregate principal
Prior to October 17, 2022 - using proceeds of equity issuance |  | 109.875 |  |  | Up to 35% of original aggregate principal
Prior to October 17, 2022 2 |  | 100.000 |  |  |
Beginning on October 17, 2022 |  | 107.406 |  |  |
Beginning on April 17, 2023 |  | 104.938 |  |  |
Beginning on April 17, 2024 |  | 102.469 |  |  |
Beginning on April 17, 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.
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 Secured 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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