MP Materials’ $690 Million Convertible Notes Offering

Davis Polk advised the lead book-running managers and representatives of the initial purchasers in the offering.

MP Materials Corp. executed the offering of $690 million aggregate principal amount of its 0.25% convertible senior notes due 2026, including $90 million aggregate principal amount of convertible notes pursuant to the full exercise of the initial purchaser’s option to purchase additional convertible notes. MP Materials’ common stock is listed on the New York Stock Exchange under the symbol “MP.”

BofA Securities Inc. and Deutsche Bank Securities Inc. acted as representatives of the initial purchaser.

MP Materials is the owner and operator of Mountain Pass, the only rare earth mining and processing site of scale in North America, and currently produces a rare earth concentrate product comprising approximately 15% of global production. The company aims to restore a secure and sustainable domestic rare earth supply chain for critical sectors of the modern global economy.

The Davis Polk corporate team included partner Michael Kaplan (Picture) and associates Hillary A. Coleman and Samuel F. Page. The equity derivatives team included partners Mark M. Mendez and Mark J. DiFiore and associates Hanbing Zhang and Lindsey B. Meyers-Perez. The environmental team included counsel David A. Zilberberg. The tax team included partner Lucy W. Farr and associate Tomislava Dragicevic. 

Involved fees earner: Hillary Coleman – Davis Polk & Wardwell; Mark DiFiore – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Lucy Farr – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Mark Mendez – Davis Polk & Wardwell; Lindsey Meyers-Perez – Davis Polk & Wardwell; Samuel Page – Davis Polk & Wardwell; Hanbing Zhang – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Securities; Deutsche Bank Securities;

Author: Martina Bellini