Molycorp Inc. (NYSE:MCP) has closed its previously announced financing, whereby Oaktree Capital Management will provide the company with up to $400 million in secured financing by way of credit facilities and the sale and leaseback of certain equipment at Molycorp’s Mountain Pass facility.

As quoted in the press release:

$250 million of the Financings has now been funded, with the remaining $150 million available until April 30, 2016 if Molycorp achieves consolidated adjusted EBITDA of not less than $20.0 million per quarter for two consecutive fiscal quarters, and production volume at its Mountain Pass facility of at least 4,000 metric tons per quarter for two consecutive fiscal quarters.

Click here to read the Molycorp Inc. (NYSE:MCP) press release

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