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Stock Market & Financial Investment News

News Breaks
June 30, 2014
15:35 EDTCLFCliffs Natural gets unanimous support from lenders to amend credit facility
Earlier today, Cliffs Natural Resources announced that it has entered into an agreement to amend its existing $1.75B unsecured revolving credit facility with its syndicate of banking partners. The amendment agreement replaces the existing leverage covenant ratio with a Debt-to-Capitalization ratio for the life of the facility in order to provide the company a more consistent source of liquidity. This amended facility retains substantial financial flexibility for management to continue making prudent business decisions during this period of pricing volatility. Unlike the prior amendment completed in the first quarter of 2013, this amendment addresses the leverage covenant for the life of the facility, while also retaining the full $1.75B facility size and the existing maturity date of Oct. 16, 2017. The new amended terms are effective June 30 and received the unanimous support of the entire lender group, despite requiring only greater than 50% approval. Cliffs further stated that it has undertaken proactive measures to manage its debt and liquidity profile in order to further strengthen its balance sheet as iron ore and met coal prices continue to be volatile. The company's management team continues to take the necessary steps to ensure the organization can operate efficiently and maintain consistent access to liquidity through an industry-wide cyclical downturn. The completion of the amendment is further evidence of management's commitment to its balance sheet and liquidity management objectives. Cliffs Natural is higher by 2.73% in late afternoon trading.
News For CLF From The Last 14 Days
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June 30, 2015
14:34 EDTCLFIron ore producers slide after Australia cuts price target on the commodity
Shares of iron ore producers are falling after Reuters reported that Australia reduced its 2015 price forecast for iron ore to $54.40 a tonne from $60.40 a tonne. According to Reuters, Australia's current projection on iron ore prices is based on its view that China, the commodity's main market, will produce less steel in 2015 and 2016 as as the seaborne supply of iron ore increases. PRICE ACTION: Cliffs Natural Resources (CLF) is down over 10%, BHP Billiton (BHP) is lower by 2.3%, and Vale (VALE) is down 4% in afternoon trading. Steel stocks, including United States Steel (X), AK Steel Holding (AKS), and Nuco (NUE) are also sliding in afternoon trading.

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