Molycorp (MCP) Closes $414M Convertible Notes, 12M Common Sale
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Molycorp, Inc. (NYSE: MCP) announced the closing of its previously announced public offerings of $414 million aggregate principal amount (which includes the exercise by the underwriters in the offering of their $54 million over-allotment option in full) of its 6.00% Convertible Senior Notes due 2017 (the “Notes Offering”) and 12,000,000 shares of its common stock at a price per share of $10.00 (the “Primary Shares Offering”). Molycorp’s two major shareholders, a number of directors, including President and Chief Executive Officer Mark A. Smith, and other Company executives invested in the offerings.
The Company intends to use the net proceeds received from the Notes Offering and the Primary Shares Offering to fund operating expenses, working capital, capital expenditures, and other cash requirements, including without limitation, capital expenditures at its Mountain Pass facility and other capital projects. The Company used a portion of the net proceeds received from the Notes Offering and the Primary Shares Offering to make cash payments to certain holders of the 5% subordinated unsecured convertible debentures of Molycorp Minerals Canada ULC, the Company’s wholly-owned Canadian subsidiary.
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The Company intends to use the net proceeds received from the Notes Offering and the Primary Shares Offering to fund operating expenses, working capital, capital expenditures, and other cash requirements, including without limitation, capital expenditures at its Mountain Pass facility and other capital projects. The Company used a portion of the net proceeds received from the Notes Offering and the Primary Shares Offering to make cash payments to certain holders of the 5% subordinated unsecured convertible debentures of Molycorp Minerals Canada ULC, the Company’s wholly-owned Canadian subsidiary.
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