Mirion cuts spread on $830 million term loan B to Libor plus 275 bps

By Sara Rosenberg

New York, Oct. 5 – Mirion Technologies Inc. reduced pricing on its $830 million seven-year first-lien term loan B (B1/B) to Libor plus 275 basis points from revised talk in the morning of Libor plus 300 bps and initial talk at launch of Libor plus 350 bps, according to a market source.

Furthermore, the original issue discount on the term loan was changed to 99.5 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 0.5% Libor floor and amortization of 1% per annum.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., JPMorgan Chase Bank and Jefferies LLC are the arrangers on the deal.

Recommitments were scheduled to be due at 12:30 p.m. ET on Tuesday, the source added.

Proceeds will be used with balance sheet cash, cash held in trust and PIPE proceeds to pay down existing debt, add cash to balance sheet, and fund the business combination of GS Acquisition Holdings Corp. II with the ultimate parent company of Mirion Technologies Inc.

Closing is expected this year, subject to certain conditions, including regulatory approvals and approval by GS Acquisition stockholders.

Mirion, currently a Charterhouse Capital Partners LLP portfolio company, is an Atlanta-based provider of mission-critical radiation detection and measurement solutions.

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