MolyCorp Defers Second Interest Payment in 14 Days

Mining Weekly reported that Molycorp (NYSE:MCP) has deferred its second interest payment in two weeks.

As quoted in the publication:

The Greenwood Village, Colorado-based miner said that it would take advantage of a 30-day grace period on a $3.36-million semi-annual interest payment related to its 3.25% senior unsecured convertible notes due 2016. Molycorp said the decision would not trigger any cross-defaults on its other loans. The NYSE-listed company early this month deferred a $32.5 million interest payment on its 10% senior notes due 2020, choosing to also use the 30-day grace period.

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