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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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September 10, 2014
08:08 EDTCLFCliffs Natural amends credit facilty to allow for $200M share repurchase program
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September 7, 2014
12:59 EDTCLFIron ore giants keep up production amid falling prices, WSJ says
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September 4, 2014
11:35 EDTCLFStocks with call strike movement; CLF YHOO
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September 3, 2014
12:32 EDTCLFCliffs Natural hires banks to sell assets, WSJ reports
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12:25 EDTCLFCliffs Natural up 4% after WSJ says banks hired to sell assets
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12:24 EDTCLFCliffs Natural hires banks to sell U.S. coal assets, WSJ reports
September 2, 2014
11:43 EDTCLFAnglo American open to takeover proposals, CEO says, WSJ reports
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10:46 EDTCLFAnglo American CEO sees iron-ore prices under pressure, WSJ says
The CEO of miner Anglo American (AAUKY) Mark Cutifani said he is worried about the outlook for iron-ore, says the Wall Street Journal. In spite of concerns about an iron-ore glut, the company intends to press on with the Minas-Rio iron-ore project in Brazil , added the Wall Street Journal. Publicly traded companies in the space include Vale (VALE),Cliffs Natural Resources (CLF), Rio Tinto (RIO), and BHP Billiton (BHP). Reference Link

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