MP Materials Corp. / DE

Secured a new $275 million, 5-year revolving credit facility from JPMorgan Chase (with Goldman Sachs and Morgan Stanley as joint lead arrangers), adding bank credit alongside the DoD partnership signed the previous month.

debt financing

Entered a landmark public-private partnership with the U.S. Department of Defense: a $400 million DoD equity stake (with up to $350 million more available) plus a $150 million loan, a 10-year $110/kg NdPr price floor, and a 10-year DoD offtake agreement for magnets from a new '10X' facility — sharply de-risking expansion and reducing reliance on buyers like Shenghe.

capital raising announcement

Began commercial NdPr metal production and trial production of automotive-grade sintered magnets at its Fort Worth 'Independence' facility — the first US rare-earth magnet manufacturing in a generation — while 2024 Mountain Pass output hit a record 45,000+ metric tons of rare earth oxide concentrate.

production update

Completed a second major convertible bond raise: $747.5 million of 3.00% Convertible Senior Notes due 2030, funding continued buildout of the Fort Worth magnet facility.

capital raising announcement

Petitioned the Delaware Court of Chancery to validate a 2020 charter amendment that had increased authorized shares, after determining it may not have received the separate class vote Delaware law requires — creating legal uncertainty over shares issued under it since.

security holder rights change

Signed a two-year take-or-pay offtake agreement making Shenghe Resources (Singapore), a Chinese rare-earth trader, the exclusive buyer of MP Materials' rare-earth concentrate from Mountain Pass — the company's main revenue relationship while it builds out its own downstream refining.

material agreement

MP Materials Corp. / DE's exchange filed to remove a class of its securities from listing.

listing compliance notice

Completed a $690 million offering of 0.25% Green Convertible Senior Notes due 2026, raising about $672 million net to fund expansion of its rare-earth processing operations.

capital raising announcement

MP Materials Corp. / DE's exchange filed to remove a class of its securities from listing.

listing compliance notice

Completed the merger: Fortress Value Acquisition Corp formally became MP Materials Corp., with the combined company's stock beginning to trade on the NYSE under ticker MP.

business combination

Fortress Value Acquisition, a blank-cheque company that had raised $345 million in May 2020, registered the shares for its combination with MP Mine Operations and Secure Natural Resources -- the owners of the Mountain Pass rare earth mine and processing plant in California, the only integrated facility of its kind in the western hemisphere, run by about 250 people. The structure runs through a pre-closing reorganisation and two pairs of consecutive mergers, leaving both companies as indirect subsidiaries.

business combination

Fortress Value Acquisition Corp agreed to merge with MP Mine Operations (owner of the Mountain Pass rare-earth mine) and Secure Natural Resources, taking the renamed MP Materials public via SPAC merger.

business combination

Fortress Value Acquisition Corp, the blank-check company that would go on to take MP Materials public, completed its IPO, selling 34,500,000 units at $10 each for $345 million in gross proceeds.

capital raising announcement

the exchange certified MP Materials Corp. / DE's securities for listing, clearing them to begin trading.

listing compliance notice