Buzz Box

June 9, 2008

Banc of America Securities priced an upsized $325 million deal last week for Cleveland-Cliffs, an international mining company and the largest producer of iron ore pellets in North America, market sources said. The Cleveland, Ohio-based company originally intended to raise $200 million. The agent placed the deal in a five-year tranche that priced at 300 basis points over Treasurys and a seven-year tranche that also priced at 300 basis points over the same benchmark, according to sources.

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