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MP Materials talks $500 million five-year green convertible notes to yield 0%-0.25%, up 25%-30%
By Abigail W. Adams
Portland, Me., March 23 – MP Materials Corp. plans to price $500 million of five-year green convertible notes after the market close on Tuesday with price talk for a coupon of 0% to 0.25% and an initial conversion premium of 25% to 30%, according to a market source.
BofA Securities Inc. (lead left), Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. are active bookrunners for the Rule 144A offering, which carries a greenshoe of $75 million.
The notes are non-callable for three years and then subject to a 130% hurdle.
They are putable upon a fundamental change.
The notes will be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used for future investment in or refinancing of eligible green projects.
MP Materials is a Mountain Pass, Calif.-based producer of rare earth materials.
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