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UPDATE 1-Molycorp to raise $650 million in debt offer
May 14, 2012 / 1:55 PM / 5 years ago

UPDATE 1-Molycorp to raise $650 million in debt offer

May 14 (Reuters) - Rare-earth miner Molycorp Inc said on Monday it 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 percent to $24.64 after market open on the New York Stock Exchange.

The Colorado-based miner owns the Mountain Pass rare earth mine in California as well as rare earth processing facilities in the United States and in Europe.

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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