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People & Business :: Companies
Molycorp to Issue Debt to Fund Neo Deal
11:00 AM MDT | May 14, 2012 | Vincent Valk
Molycorp says it will issue $650 million in senior secured debt to fund the $1.3 billion acquisition of Neo Material Technologies (Toronto), which was announced in March. The debt will be held in escrow until the deal closes, which is expected in the second or third quarter of this year. Last week, Molycorp announced a first-quarter loss of $3.5 million, wider than a $2.2 million loss in the year-ago period. First-quarter sales totaled $84.5 million, tripling those of the year-ago period. The company expects to produce 8,000 to 10,000 m.t. of rare earth...
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