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Cliffs Natural Resources Inc. Message Board

  • auagboy auagboy Apr 24, 2013 4:38 PM Flag

    shares outstanding question?

    the quarterly listed 148M vs. 142M shares outstanding. on 2/14 they announced plans to sell 10M common shares and 27M depositary shares.....................As previously disclosed, the Company completed an equity offering during 2013's first quarter, raising a total of $995 million in net proceeds, after commissions, discounts and fees. The offering included 10.35 million common shares, priced at $29 per share totaling $286 million in net proceeds. Cliffs also issued 29.25 million depositary shares, each representing a 1/40th interest in a share of its 7.00% Series A Mandatory Convertible Preferred Stock, Class A, without par value. The depositary shares were priced at $25 per share totaling $709 million in net proceeds. Both offerings' proceeds were primarily used to pay down the balance on the Company's outstanding term loan of $847 million, as well as for general corporate purposes.

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