Cliffs completes refinancing transactions

NYSE-listed Cliffs Natural Resources has entered into a new senior secured asset-based revolving credit facility (ABL facility) and has completed a private offering of $540-million of senior secured notes due on March 31, 2020, the company announced on Monday. Cleveland, Ohio-based Cliffs received net proceeds, after the initial buyers' discounts and the payment of fees and expenses, of about $491.4-million from the offering of the new first lien notes.