Molycorp misses coupon on 10% senior notes, has 30-day grace period

New York, June 1 – Molycorp, Inc. said it failed to make the $32.5 million interest payment payable June 1 on its 10% senior secured notes due 2020.

Under the terms of the notes, the company has a 30-day grace period before a default occurs, according to a news release.

As previously disclosed, the company has hired financial and legal advisers to assist in restructuring its debt.

During the grace period the company will “evaluate different options related to such debt restructuring.”

Molycorp is a Greenwood Village, Colo., producer of materials from rare earth minerals.

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