Bulletin: Mirion Technologies Inc. Leverage Largely Unchanged By Term Loan Add-On

NEW YORK (S&P Global Ratings) Dec. 2, 2019--S&P Global Ratings today said that its ratings on San Ramon, Calif.–based nuclear measurement solutions provider Mirion Technologies Inc. are unaffected by the proposed $66 million add-on term loan. The issue-level rating on the term loan remains 'B' with a '3' recovery rating, which indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) of principal in the event of a payment default. Our 'B' issuer credit rating and stable outlook on Mirion are also unchanged. The $66 million will increase the $484 million term loan due in 2026 to a total of $550 million, with a pro forma outstanding balance of $547.7 million at the close of the transaction. The company is

...December 2, 2019 NEW YORK (S&P Global Ratings) Dec. 2, 2019--S&P Global Ratings today said that its ratings on San Ramon, Calif.¡based nuclear measurement solutions provider Mirion Technologies Inc. are unaffected by the proposed $66 million add-on term loan. The issue-level rating on the term loan remains 'B' with a '3' recovery rating, which indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) of principal in the event of a payment default. Our 'B' issuer credit rating and stable outlook on Mirion are also unchanged. The $66 million will increase the $484 million term loan due in 2026 to a total of $550 million, with a pro forma outstanding balance of $547.7 million at the close of the transaction. The company is expected to use the proceeds from this incremental debt primarily to fund tuck-in acquisitions. We expect leverage to be largely unchanged, supported by the additional EBITDA and synergies from the planned acquisitions....

Bulletin