Research Update: Nuclear Solutions Provider Mirion Technologies Outlook Revised To Negative On Elevated Leverage; Ratings Affirmed

San Ramon, Calif.-based nuclear measurement solutions provider Mirion Technologies Inc. plans to issue a $210 million first-lien term loan add-on due in 2026 and use $70 million in financial sponsor Charterhouse Capital Partners equity to fund the Project Sierra acquisition and pay related fees and expenses. S&P Global Ratings is revising the outlook to negative from stable and affirming our 'B' issuer credit rating on Mirion and our 'B' issue-level rating on the first-lien term loan and revolver. The recovery rating remains '3'. The negative outlook reflects our view that the company's weaker credit metrics arising from debt issuances in fiscal year 2020 and the current proposed transaction in fiscal year 2021 could lead to a lower rating over the

...- San Ramon, Calif.-based nuclear measurement solutions provider Mirion Technologies Inc. plans to issue a $210 million first-lien term loan add-on due in 2026 and use $70 million in financial sponsor Charterhouse Capital Partners equity to fund the Project Sierra acquisition and pay related fees and expenses. - S&P Global Ratings is revising the outlook to negative from stable and affirming our 'B' issuer credit rating on Mirion and our 'B' issue-level rating on the first-lien term loan and revolver. The recovery rating remains '3'. - The negative outlook reflects our view that the company's weaker credit metrics arising from debt issuances in fiscal year 2020 and the current proposed transaction in fiscal year 2021 could lead to a lower rating over the next 12 months if the company fails to restore leverage below 6.5x over the next year....

Research Update