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Moody's rates Molycorp notes B2
Moody's Investors Service said it assigned B3 corporate family and probability of default ratings and a B2 rating to Molycorp Inc.'s proposed $650 million of guaranteed senior secured notes.
At the same time, Moody's assigned a speculative grade liquidity rating of SGL-3.
The outlook is stable.
The proceeds of the issuance, in conjunction with combined company cash balances and $423 million common equity issuance, will be used to consummate the acquisition of Neo Material Technologies.
Moody's said the ratings reflect the combined company's concentration in the production of rare earth oxides, rare metals and related products.
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