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Cleveland-Cliffs lifts conversion rate to 133.0646 on 3.25% convertible preferreds
By Devika Patel
Knoxville, Tenn., May 16 - Cleveland-Cliffs Inc. said it has adjusted the conversion rate of its 3.25% redeemable cumulative convertible perpetual preferred stock to 133.0646 common shares per preferred from 66.1881 common shares per preferred share, effective immediately.
The new conversion rate equates to a conversion price of $7.52 per common share, lowered from the previous conversion price of $15.11 per share.
The adjustment is due to the company's previously announced 2-for-1 stock split on March 11.
Cleveland-Cliffs is a Cleveland-based producer of iron ore pellets.
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