Cliffs Natural terminated the cash tender offers for up to $600 million of outstanding notes and decided to postpone its debt refinancing due to "perceived adverse market conditions." None of the securities that were previously tendered will be accept for purchase, and no consideration will be paid to those who already tendered securities.
"With the unfavorable move in market rates during the past few weeks, the prudent decision is to postpone the company's refinancing plans until market conditions improve," Cliffs Natural chairman, president, and CEO Lourenco Goncalves said in a statement.
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TheStreet Ratings team rates CLIFFS NATURAL RESOURCES INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLIFFS NATURAL RESOURCES INC (CLF) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."