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Cliffs Natural Resources Inc. Calls for Full Redemption of Senior Notes due January 2018

CLEVELAND, Aug. 17, 2016 /PRNewswire/ -- Cliffs Natural Resources Inc. (CLF) announced today that it will redeem the entirety of its outstanding Senior Notes due January 2018 (the "Notes"). The aggregate principal amount outstanding of the Notes is approximately $284 million. Pursuant to the terms of the Notes and the Indenture governing the Notes, the Company expects total payment to holders of the Notes to be approximately $301 million in aggregate, plus accrued and unpaid interest.

Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive Officer, said, "The successful completion of the equity offering this week has allowed us to move forward with the retirement of the 2018 Notes. This action further confirms our commitment to our top priorities in capital allocation: paying down debt and reducing interest expense." Mr. Goncalves added, "We now have nearly four years until our next maturity comes due. With this step, we have marked yet another milestone in the successful turnaround of Cliffs."

Upon completion of the redemption, Cliffs' annualized interest expense is expected to be reduced by approximately $17 million.

A notice of redemption setting forth the redemption procedures is being provided to holders of the Notes through the Depository Trust Company. Copies of the notice of redemption and additional information relating to the procedures for redemption may be obtained from the trustee and paying agent, U.S. Bank, Global Corporate Trust Services, 111 Filmore Ave E; St. Paul, MN 55107; telephone: 1-800-934-6802.

About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is a leading mining and natural resources company in the United States. The Company is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. Cliffs also operates an iron ore mining complex in Western Australia. Driven by the core values of safety, social, environmental and capital stewardship, Cliffs' employees endeavor to provide all stakeholders operating and financial...


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