Cleveland-Cliffs Inc. and AK Steel Holding Corporation Announce Successful Results of Early Participation in Tender Offers and Consent Solicitations - Seite 2

As of 5:00 p.m., New York City time, on March 10, 2020 (the “Early Participation Deadline”), according to Global Bond Services Corporation, the Depositary and Information Agent for the Tender Offers and the Consent Solicitations, the principal amounts of AK Steel Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby deemed validly given and not validly revoked) in the Tender Offers and the Consent Solicitations.

Title of Series/CUSIP Number of AK Steel Notes

Aggregate
Principal

Amount
Outstanding

AK Steel Notes Tendered and
Consents Delivered at Early
Participation Deadline

AK Steel Notes Tendered and
Consents Delivered at Early
Participation Deadline

Principal Amount

Percentage

7.625% Senior Notes due 2021 / 001546 AS9

$406,200,000

$364,200,000

89.66%

7.50% Senior Secured Notes due 2023 / 001546 AT7

$380,000,000

$310,658,000

81.75%

Holders that validly tendered (and did not withdraw) on or prior to the Early Participation Deadline and whose AK Steel Notes are accepted for purchase will receive the “Total Consideration” (as defined in the Statement) for their AK Steel Notes, subject to the terms contained in the Statement. The Total Consideration includes the early participation payment for the AK Steel Notes of $50 per $1,000 principal amount of AK Steel Notes validly tendered and accepted for purchase. Because each Tender Offer and Consent Solicitation is subject to the satisfaction of, among other things, the consummation of the Merger, Holders will not receive the Early Participation Payment (as defined in the Statement) unless the Merger is consummated. The Total Consideration, plus accrued and unpaid interest from the last interest payment date with respect to the applicable series of AK Steel Notes, up to, but not including, the Early Settlement Date (as defined in the Statement), with respect to AK Steel Notes that have been validly tendered and not validly withdrawn on or before the Early Participation Deadline and accepted for purchase will be paid by Cliffs on the Early Settlement Date. The Early Settlement Date will be the business day Cliffs selects promptly following the Early Participation Deadline and the satisfaction or waiver of the conditions to consummation of the Tender Offers and the Consent Solicitations, including the consummation of the Merger, which is expected to occur on March 13, 2020.