Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for Dec. 29, 2023:
1. Newmont Corporation (NYSE: NEM), the world’s leading gold company, along with its subsidiary Newcrest Finance, recently settled their exchange offers and related consent solicitations for three types of notes.
The two exchanged their existing 3.250% notes due in 2030, 5.75% notes due in 2041 and 4.200% notes due in 2050, for new notes of the same percentages and due dates along with cash.
These offers include a total of $1.65 billion in new notes and were concluded on Dec. 26, 2023, at 5:00 p.m. EST.
2. After Cleveland-Cliffs Inc. (NYSE: CLF) had its proposal to acquire United States Steel Corporation (NYSE: X) for $7.3 billion rejected in August, the company said it plans to redirect its capital to share buybacks.
President and CEO of Cleveland-Cliffs, Lourenco Goncalves, stated on Dec. 18, “As we have been guiding, we have already reached our net debt target of $3.0 billion this quarter, with no borrowings on our ABL as of today. Given that our CLF shares are still significantly undervalued, we will now re-focus our capital allocation priorities towards more aggressive share buybacks under our existing share repurchase authorization.”
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