Cliffs Natural Resources’s borrowing costs fell to the lowest in almost two years as it capitalises on the best stock rally among iron miners to raise money and declared itself out of the woods after a price rout.
The Cleveland-based company’s notes due 2018 rallied Thursday, pushing down its yield to 8.7% at 12:31 pm in New York. That represents the smallest gap with average material company yields tracked by Bloomberg since November 2014.
