- Cliffs Natural Resources (NYSE:CLF) -4.5% AH after commencing a public offering of 50M common shares, with an underwriters option to purchase up to an additional 7.5M shares.
- CLF plans to use part of the proceeds to fund the purchase of outstanding senior notes, with remaining proceeds for general corporate purposes, including the redemption of some of its outstanding senior secured notes and/or the repurchase of additional tender notes.
- CLF shares soared nearly 20% in today's trade following better than expected Q4 earnings.