Research Update: Mirion Technologies Inc. 'B' ICR Affirmed, Ratings Off Watch Positive On Acquisition By GSAH II, Outlook Positive

Mirion Technologies Inc. is being acquired by GS Acquisition Holdings Corp. II (GSAH II)--a special-purpose acquisition company (SPAC)--in a cash- and equity-funded transaction valued at $2.6 billion per the previously announced terms. As part of the transaction, the company is issuing a new $830 million term loan to refinance its existing debt due 2026. We affirmed our 'B' issuer credit rating on Mirion and removed all of our ratings on the company from CreditWatch, where we placed them with positive implications on June 24, 2021. At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the proposed term loan. The positive outlook reflects the potential we will raise our rating on Mirion if it uses

...- Mirion Technologies Inc. is being acquired by GS Acquisition Holdings Corp. II (GSAH II)--a special-purpose acquisition company (SPAC)--in a cash- and equity-funded transaction valued at $2.6 billion per the previously announced terms. As part of the transaction, the company is issuing a new $830 million term loan to refinance its existing debt due 2026. - We affirmed our 'B' issuer credit rating on Mirion and removed all of our ratings on the company from CreditWatch, where we placed them with positive implications on June 24, 2021. - At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the proposed term loan. - The positive outlook reflects the potential we will raise our rating on Mirion if it uses its excess cash to pursue acquisitions and repay a portion of its debt such that its S&P Global Ratings-adjusted debt to EBITDA improves below 5x in the next 12 months....

Research Update