Cliffs Natural Resources (CLF) Prices 15M Shares At $21

Cliffs Natural Resources Inc. (NYSE: CLF) announced the pricing of its recently announced common share offering. Cliffs Natural Resources said that it has agreed to sell 15 million common shares at $21.00 per share. In connection with the offering, the underwriters have been granted an over-allotment option to purchase an additional 2.25 million common shares.

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Cliffs intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, funding certain capital expenditures, repayment of indebtedness or strategic transactions.

J.P. Morgan Securities Inc. and Merrill Lynch & Co. acted as joint book-running managers for the offering. Co-managers included KeyBanc Capital Markets Inc., PNC Capital Markets LLC, ABN AMRO Incorporated and Piper Jaffray.