Black’s Apollo Said to Add Molycorp Bonds to Gain Edge
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Apollo Global Management LLC is adding to its holdings of Molycorp Inc. bonds, positioning Leon Black’s investment firm to control the rare-earths miner in case it seeks to restructure its $1.5 billion of debt, according to two people with knowledge of the matter.
Apollo bought $8.5 million of Molycorp’s $230 million of 3.25 percent convertible notes due 2016 in the three months ended March 31 and added to that amount last quarter, said the people, who asked not to be named because the transactions weren’t public. As of March 31, Apollo held at least 22 percent of that class of securities, according to data compiled by Bloomberg.