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v3.22.2.2

DEBT AND CREDIT FACILITIES (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | The following represents a summary of our long-term debt:
(In Millions)
Debt Instrument |  | Issuer 1 |  | Annual Effective Interest Rate |  | September 30, 2022 |  | December 31, 2021
Senior Secured Notes: |  |  |  |  |  |  |  |
9.875% 2025 Senior Secured Notes |  | Cliffs |  | 10.57% |  | $ | — |  |  | $ | 607 |
6.750% 2026 Senior Secured Notes |  | Cliffs |  | 6.99% |  | 829 |  |  | 845 |
Senior Unsecured Notes: |  |  |  |  |  |  |  |
1.500% 2025 Convertible Senior Notes |  | Cliffs |  | 6.26% |  | — |  |  | 294 |
7.000% 2027 Senior Notes |  | Cliffs |  | 9.24% |  | 73 |  |  | 73 |
7.000% 2027 AK Senior Notes |  | AK Steel |  | 9.24% |  | 56 |  |  | 56 |
5.875% 2027 Senior Notes |  | Cliffs |  | 6.49% |  | 556 |  |  | 556 |
4.625% 2029 Senior Notes |  | Cliffs |  | 4.63% |  | 370 |  |  | 500 |
4.875% 2031 Senior Notes |  | Cliffs |  | 4.88% |  | 326 |  |  | 500 |
6.250% 2040 Senior Notes |  | Cliffs |  | 6.34% |  | 235 |  |  | 263 |
IRBs due 2024 to 2028 |  | AK Steel |  | Various |  | — |  |  | 66 |
ABL Facility |  | Cliffs 2 |  | Variable 3 |  | 2,090 |  |  | 1,609 |
Total principal amount |  |  |  |  |  | 4,535 |  |  | 5,369 |
Unamortized discounts and issuance costs |  |  |  |  |  | (60) |  |  | (131) |
Total long-term debt |  |  |  |  |  | $ | 4,475 |  |  | $ | 5,238 |
1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 Our ABL Facility annual effective interest rate was 4.23% and 1.87%, respectively, as of September 30, 2022 and December 31, 2021.
Schedule of Extinguishment of Debt | The following is a summary of the debt extinguished and the respective impact on extinguishment:
|  | (In Millions)
|  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
Debt Instrument |  | Debt Extinguished |  | Gain on Extinguishment |  | Debt Extinguished |  | Gain (Loss) on Extinguishment
9.875% 2025 Senior Secured Notes |  | $ | — |  |  | $ | — |  |  | $ | 607 |  |  | $ | (85) |
6.750% 2026 Senior Notes |  | — |  |  | — |  |  | 16 |  |  | (1) |
1.500% 2025 Convertible Senior Notes |  | — |  |  | — |  |  | 294 |  |  | (16) |
4.625% 2029 Senior Notes |  | — |  |  | — |  |  | 130 |  |  | 8 |
4.875% 2031 Senior Notes |  | 13 |  |  | 1 |  |  | 174 |  |  | 13 |
6.250% 2040 Senior Notes |  | 28 |  |  | 3 |  |  | 28 |  |  | 3 |
IRBs due 2024 to 2028 |  | — |  |  | — |  |  | 66 |  |  | 2 |
Total |  | $ | 41 |  |  | $ | 4 |  |  | $ | 1,315 |  |  | $ | (76) |
Schedule of Line of Credit Facilities | The following represents a summary of our borrowing capacity under the ABL Facility:
|  | (In Millions)
|  | September 30, 2022
Available borrowing base on ABL Facility 1 |  | $ | 4,500 |
Borrowings |  | (2,090) |
Letter of credit obligations 2 |  | (166) |
Borrowing capacity available |  | $ | 2,244 |
1 As of September 30, 2022, the ABL Facility has a maximum available borrowing base of $4.5 billion. The 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, insurance, operating agreements 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 September 30, 2022:
|  | (In Millions)
|  | Maturities of Debt
2022 (remaining period of year) |  | $ | — |
2023 |  | — |
2024 |  | — |
2025 |  | 2,090 |
2026 |  | 829 |
Thereafter |  | 1,616 |
Total maturities of debt |  | $ | 4,535 |

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