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Twentieth-Century Business Archives

The Cleveland-Cliffs Iron Co. Deal - Lehman Brothers Collection

The Cleveland-Cliffs Iron Co.

Company DealThe Cleveland-Cliffs Iron Company: issue of $16,500,000 first mortgage sinking fund 4 3/4% bonds
Transaction TypeFirst Mortgage Sinking Fund Bonds
Deal DescriptionThe Cleveland-Cliffs Iron Company used the net proceeds from this transaction, together with proceeds from collateral loans, to retire the outstanding 6% notes of the company. These notes represent renewals or replacements of bank loans incurred in 1930 and 1931 and renewed or replaced from time to time thereafter for periods of not exceeding one year. Said notes were held by the following creditors: the Union Trust Company, the Cleveland Trust Company, Central United National Bank of Cleveland, Continental Illinois National Bank & Trust Company of Chicago, Bankers Trust Company, Bank of the Manhattan Company, the Cliffs Corporation, Lake Superior and Ishpeming Railroad Company, and William G. Mather.
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