EmailMolycorp (MCP $53.98 -4.72) announced that, subject to market
conditions, certain of its selling stockholders intend to offer 10,000,000
shares of Molycorp's common stock in a registered public offering.
In addition, the selling stockholders intend to grant the underwriters of the
Common Stock an option to purchase an additional 1,500,000 shares of the Common
Stock. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC will act as joint
book-running managers for the proposed offering.
In a separate release, the company announced a $200 million convertible senior
notes 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.
than one year.
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