皇冠体育2016年1月27日/美通社/——Cliffs Natural Resources Inc.（纽约证券交易所代码：CLF）今天宣布，根据公司2016年1月27日发行备忘录中规定的条款和条件，开始进行非公开发行，以换取其新发行的2020年到期的8.00% 1.5留置权优先担保票据（“新1.5留置权票据”）的总本金高达7.1亿美元，以换取某些未偿还的Cliffs票据。

下表列出了受交换要约约束的各系列未偿还高级无担保和有担保票据（“现有票据”），并指出了该系列现有票据的交换要约（“交换要约”）中适用的对价。

符合条件的持有人必须在2016年2月9日（“提前投标日”）纽约时间下午5点或之前有效投标其现有票据，以便有资格获得上表所示的适用“总交换对价”，其中包括“提前投标溢价”。在提前投标日期之后但在交换要约到期之前投标的现有票据将仅有资格获得适用的“交换对价”。

交换要约将于纽约时间2016年2月26日下午5点到期（“到期日”）。现有票据的投标不得在纽约时间2016年2月9日下午5点之后撤回，除非在发行备忘录和相关传送信中描述的某些有限情况下。

在交换要约中接受交换的现有票据的合格持有人还将收到一笔现金付款，金额相当于该等现有票据从适用的最近利息支付日至（但不包括）交换要约结算日的应计和未付利息。新1.5留置权票据的利息将从该结算日起产生，该结算日将在到期日之后立即发生。

新1.5留置权票据将由直接或间接拥有我们几乎所有国内资产的子公司无条件且不可撤销地担保。除2020年到期的7.75%第二留置权票据（“第二留置权票据”）外，现有票据为无担保票据，不受任何子公司担保。新1.5留置权票据将由(1)对我们几乎所有资产和附属担保人的资产的初级优先留置权担保，但“ABL抵押品”除外，该抵押品由应收账款、库存和其他资产组成，确保我们基于资产的贷款工具（“ABL工具”），以及(2)对ABL抵押品的初级第二优先留置权。因此，在交换要约之后仍未偿还的任何现有票据将(1)除第二留置票据外，在结构上从属于新1.5留置票据的附属担保；(2)在新1.5留置票据的抵押品范围内，有效地从属于新1.5留置票据。

在交换要约中发行的新1.5留置权票据的总本金金额限制在7.1亿美元（“最高交换金额”）。在交换要约被超额认购的情况下，只有导致新1.5留置权票据发行的现有票据本金总额不超过最高交换金额才会被接受进行交换。根据这一结构，有效投标的现有票据将按每次投标的比例接受交换，与交换要约中投标的现有票据本金总额成比例，没有任何系列的现有票据优先于根据交换要约交换的任何其他系列的现有票据，前提是2018年到期的3.95%优先票据将在任何其他现有票据之前接受交换。因此将不受任何比例限制。

如发行备忘录和相关传送信所述，交换要约以满足或放弃某些惯例附加条件为条件。交换要约不以任何现有票据的最低金额为条件。现有票据的交换要约可以被修改、延长或终止，在每种情况下，既可以作为一个整体，也可以单独针对任何一个或多个特定系列的现有票据进行修改、延长或终止。

发售备忘录及其他与交换要约有关的文件只会分发给填写并交回资格表格的持有人，以确认他们是(i)《证券法》第144A条所指的“合格机构买家”或（ii）《证券法》第S条所指的皇冠体育官网境外的非“皇冠体育官网人士”（此类人士称为“合格持有人”）。希望获得并填写资格表格的持有人可为此访问网站http://www.gbsc-usa.com/eligibility/cliffs，或致电全球债券持有人服务公司（Global Bondholder Services Corporation），即交易所要约的信息代理和存管人，电话：（866）470-4300（免费电话）或（212）430-3774（银行和经纪人的付费电话）。

本公司仅根据发行备忘录和相关传送函的条款作出交换要约。合资格持有人在就交换要约作出任何决定前，应仔细阅读发售备忘录及相关的传送信。公司、经销商经理、信息代理和存托人均未就合格持有人是否应投标或不投标其现有票据提出任何建议。合格持有人必须自行决定是否投标现有票据，如果是，则投标现有票据的本金金额。在任何司法管辖区，如果作出或接受要约不符合证券、蓝天或该司法管辖区的其他法律，则不会向现有票据的持有人作出交换要约。在任何司法管辖区，如果证券法或蓝天法要求交易要约由持牌经纪人或交易商发出，则交易要约将被视为由交易商经理或根据该司法管辖区的法律获得许可的一名或多名注册经纪人或交易商代表Cliffs发出。

本新闻稿不构成购买证券的要约或出售任何证券的要约的招揽，或出售或购买任何证券的要约的招揽，也不构成在任何司法管辖区的要约或招揽，该要约或招揽是非法的。

关于Cliffs Natural Resources Inc.皇冠体育斯自然资源公司是皇冠体育官网领先的矿业和自然资源公司。该公司是北美钢铁行业铁矿石球团的主要供应商，其矿山和球团厂位于密歇根州和明尼苏达州。皇冠体育斯还在西澳大利亚经营着一个铁矿石开采综合体。在安全、社会、环境和资本管理的核心价值观的推动下，皇冠体育斯的员工努力为所有利益相关者提供运营和财务透明度。

Forward-Looking Statements
This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looking statements are subject to uncertainties and factors relating to Cliffs' operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These statements speak only as of the date of this release, and we undertake no ongoing obligation, other than that imposed by law, to update these statements. Uncertainties and risk factors that could affect Cliffs' future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: trends affecting our financial condition, results of operations or future prospects, particularly the continued volatility of iron ore prices; availability of capital and our ability to maintain adequate liquidity, in particular considering borrowing base reductions from the sale of non-core assets such as North American Coal; continued weaknesses in global economic conditions, including downward pressure on prices caused by oversupply or imported products, including the impact of any reduced barriers to trade, reduced market demand and any change to the economic growth rate in China; our ability to reach agreement with our iron ore customers regarding any modifications to sales contract provisions, renewals or new arrangements; uncertainty relating to restructurings in the steel industry and/or affecting the steel industry; our ability to maintain appropriate relations with unions and employees and enter into or renew collective bargaining agreements on satisfactory terms; the impact of our customers reducing their steel production or using other methods to produce steel; our ability to successfully execute an exit option for our Canadian Entities that minimizes the cash outflows and associated liabilities of such entities, including the Companies' Creditors Arrangement Act (Canada) process; our ability to successfully identify and consummate any strategic investments and complete planned divestitures; our ability to successfully diversify our product mix and add new customers beyond our traditional blast furnace clientele; the outcome of any contractual disputes with our customers, joint venture partners or significant energy, material or service providers or any other litigation or arbitration; the ability of our customers and joint venture partners to meet their obligations to us on a timely basis or at all; the impact of price-adjustment factors on our sales contracts; changes in sales volume or mix; our actual levels of capital spending; our actual economic iron ore reserves or reductions in current mineral estimates, including whether any mineralized material qualifies as a reserve; events or circumstances that could impair or adversely impact the viability of a mine and the carrying value of associated assets, as well as any resulting impairment charges; the results of prefeasibility and feasibility studies in relation to projects; impacts of existing and increasing governmental laws and regulation and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorization of, or from, any governmental or regulatory entity and costs related to implementing improvements to ensure compliance with regulatory changes; our ability to cost-effectively achieve planned production rates or levels; uncertainties associated with natural disasters, weather conditions, unanticipated geological conditions, supply or price of energy, equipment failures and other unexpected events; adverse changes in currency values, currency exchange rates, interest rates and tax laws; risks related to international operations; availability of capital equipment and component parts; the potential existence of significant deficiencies or material weakness in our internal control over financial reporting; problems or uncertainties with productivity, tons mined, transportation, mine-closure obligations or costs, environmental liabilities, employee-benefit costs and other risks of the mining industry; the satisfaction of the conditions precedent to completing the Exchange Offers and our ability to consummate any or all of the Exchange Offers; and the risk factors identified in Part I - Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014 and in Part II - Item 1A of our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2015, June 30, 2015 and September 30, 2015. The information contained herein speaks as of the date of this release and may be superseded by subsequent events. Except as may be required by applicable securities laws, we do not undertake any obligation to revise or update any forward-looking statements contained in this release.

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源崖自然资源有限公司。