Molycorp Does Distressed Debt Exchange $MCP

"On November 20, 2014, Molycorp, Inc. entered into an exchange agreement with a holder of the Company's 6.00% convertible senior notes due 2017 and 5.50% convertible senior notes due 2018 pursuant to which such holder agreed to exchange $27 million in aggregate principal amount of the 2017 Notes and $11 million in aggregate principal amount of the 2018 Notes for up to a maximum of 15,056,603 shares, but not less than 11,239,436 shares, of the Company's common stock, par value $0.001 per share. The Company will also pay the holder accrued but unpaid interest through the date of completion of the exchange in cash. The aggregate amount of shares of Common Stock to be issued in the exchange will have an agreed-upon value of $15,960,000. The actual number of shares of Common Stock to be issued in the exchange is based on a seven-day volume-weighted average price per share of the Common Stock for the period ending December 2, 2014, subject to an agreed per share floor and cap price."