Molycorp (MCP) Annouunces $200M Convertible Senior Notes Offering
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Molycorp, Inc. (NYSE: MCP), announced a $200 million Convertible Senior Notes due 2016 offering.
The Notes will pay interest semi-annually and will be convertible into shares of Molycorp’s common stock, cash, or a combination thereof, at Molycorp’s election. The Notes will mature on June 15, 2016, unless earlier repurchased or converted. Molycorp will not have the right to redeem the Notes prior to maturity.
Molycorp expects to use the net proceeds from the proposed offering to fund its original Phase 1 production capacity plan as well as its Phase 2 expansion plan at its Mountain Pass, California processing facility. Any remaining net proceeds will be used for general corporate purposes.
The Notes will pay interest semi-annually and will be convertible into shares of Molycorp’s common stock, cash, or a combination thereof, at Molycorp’s election. The Notes will mature on June 15, 2016, unless earlier repurchased or converted. Molycorp will not have the right to redeem the Notes prior to maturity.
Molycorp expects to use the net proceeds from the proposed offering to fund its original Phase 1 production capacity plan as well as its Phase 2 expansion plan at its Mountain Pass, California processing facility. Any remaining net proceeds will be used for general corporate purposes.
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