Molycorp to raise $650 million in debt offer

5:15 AM, 16th May 2012

Molycorp to raise $650 million in debt offer

GREENWOOD VILLAGE, US: Rare-earth miner Molycorp Inc will raise up to $650 million in an offering of senior secured notes with the proceeds earmarked to help fund its $1.3 billion takeover of Neo Material Technologies. Molycorp’s shares fell 1.1 per cent to $24.64 after market open on the New York Stock Exchange. The acquisition of Neo will give Molycorp access to rare earth processing expertise, product patents, and facilities in China and around the world.

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