Cliffs Natural Resources Inc. (NYSE: CLF) and Consolidated Thompson Iron Mines Limited (TSX: CLM) jointly announced that Cliffs has closed on its acquisition of Consolidated Thompson. 

Cliffs financed the approximately C$4.9 billion (including net debt) transaction through committed financing, including a $1.25 billion term loan, $750 million in bridge financing and available cash on hand. As previously indicated, Cliffs plans to replace the $750 million in bridge financing by accessing the capital markets.

Cliffs indirectly acquired all of the outstanding shares of Consolidated Thompson for C$17.25 per share pursuant to a court-approved plan of arrangement under the Canadian Business Corporations Act. Consolidated Thompson is now an indirect wholly-owned subsidiary of Cliffs Natural Resources, and will be rebranded under the Cliffs name. The Consolidated Thompson common shares are expected to be delisted from the Toronto Stock Exchange (TSX) following the close of business on May 13, 2011.

Bookmark this page!