CLEVELAND-CLIFFS INC. — Capital/Financing Update 2021

Dec 22, 2021

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 17, 2021

CLEVELAND-CLIFFS INC.

(Exact name of registrant as specified in its charter)

Ohio	1-8944	34-1464672
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification No.)

200 Public Square,	44114-2315
(Address of Principal Executive Offices)	(Zip Code)

Registrant's telephone number, including area code: ( 216 ) 694-5700

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: — Title of each class	Trading Symbol(s)	Name of each exchange on which registered:
Common Shares, par value $0.125 per share	CLF	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).
Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On December 17, 2021, Cleveland-Cliffs Inc., an Ohio corporation (the “Company”), entered into the Third Amendment to Asset-Based Revolving Credit Agreement (the “Third Amendment”), by and among the Company, the lenders party thereto and Bank of America N.A., as administrative agent (the “Agent”). The Third Amendment amends that certain Asset-Based Revolving Credit Agreement, dated as of March 13, 2020 (as previously amended, the “Credit Agreement”), by and among the Company, the lenders from time to time party thereto and the Agent. The Third Amendment, among other things, increases the amount of tranche A revolver commitments available thereunder by an additional $1,000 million and exchanges $150 million of tranche B revolver commitments available thereunder for tranche A revolver commitments. After giving effect to the Third Amendment, the aggregate principal amount of tranche A revolver commitments under the Credit Agreement is $4,500 million and the aggregate principal amount of tranche B revolver commitments under the Credit Agreement is $0.00. The increase is a result of a larger projected borrowing base driven by more favorable market conditions.

A copy of the Third Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The description above is a summary of the Third Amendment, does not purport to be complete, and is qualified in its entirety by the complete text of the Third Amendment.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The terms of the Third Amendment are summarized in Item 1.01 of this Current Report on Form 8-K and are incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
Exhibit Number	Description
10.1	Third Amendment to Asset-Based Revolving Credit Agreement, dated as of December 17, 2021, by and among Cleveland-Cliffs Inc., the lenders party thereto and Bank of America, N.A., as the administrative agent.
101	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104	The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CLEVELAND-CLIFFS INC. — By:	/s/ James D. Graham
Name:	James D. Graham
Title:	Executive Vice President, Chief Legal Officer & Secretary