Tear Sheet: Mirion Technologies Inc.'s Amendment And Extension Of Its Revolving Credit Facility Boosts Its Liquidity

Radiation detection company Mirion Technologies amended its senior secured credit agreement to upsize the revolving credit facility (RCF) to $175 million and extend its maturity to March 2030. S&P Global Ratings believes the upsizing and maturity extension will strengthen the company?s liquidity. The amendment will also lower the pricing of the facility to S+175 basis points, based on a net-leverage pricing schedule. All our ratings on Mirion's first-lien debt, including the RCF and $890 million term loan, are unchanged following the amendment. Miron?s financial policy continues to limit its potential ratings upside. We believe the company will utilize the increased RCF for general business purposes with the potential to fund modest-size tuck-ins, while balancing some level of shareholder-friendly activities, as

...March 31, 2025 What's new: Radiation detection company Mirion Technologies amended its senior secured credit agreement to upsize the revolving credit facility (RCF) to $175 million and extend its maturity to March 2030. Why it matters: S&P Global Ratings believes the upsizing and maturity extension will strengthen the company's liquidity. The amendment will also lower the pricing of the facility to S+175 basis points, based on a net-leverage pricing schedule. All our ratings on Mirion's first-lien debt, including the RCF and $890 million term loan, are unchanged following the amendment. Miron's financial policy continues to limit its potential ratings upside. We believe the company will utilize the increased RCF for general business purposes with the potential to fund modest- size tuck-ins, while balancing some level of shareholder-friendly activities, as demonstrated by its recent $100 million share repurchase authorization. Nonetheless, we anticipate favorable end-market demand across...

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