Cliffs share offers priced to raise up to $1 bln
* Cliffs to raise funds to pay down debt
* Common shares priced at $29/shr, depositary shares at $25/shr
* Miner reported Q4 loss after writedown of Canada deal
* Shares down 0.58 percent at $29.31 on NYSE
Feb 15 (Reuters) - Cliffs Natural Resources Inc, a U.S.-based coal and iron ore miner grappling with low commodities pricing and escalating costs, could raise up to $1 billion through two separate equity offers announced earlier this week and priced late on Thursday.
Shares of Cliffs plunged 18 percent on Wednesday, a day after the company announced the share offering and slashed its dividend. It also revealed quarterly loss after a writedown in the value of a Canadian acquisition, higher costs and lower iron ore prices.
Shares were down 0.58 percent at $29.31 shortly after market open on Friday on the New York Stock Exchange.
The Cleveland-based miner said on Friday it planned to sell some 9 million common shares at $29 each, lower than its Thursday closing price of $29.48. If the offer is fully exercised, Cliffs could sell up to 10.35 million shares, for total proceeds of $300 million.
The company also plans to sell 27 million depositary shares at $25 each. If fully exercised, Cliffs could sell up to 31.05 million of the securities for total proceeds of $776.3 million. Continued...