Mirion Technologies plans $100 million credit facility with stock IPO

By Sara Rosenberg

New York, Nov. 22 - Mirion Technologies Inc. is expecting to get a $100 million four-year senior secured credit facility in connection with its initial public offering of common stock, according to an S-1 filed with the Securities and Exchange Commission on Monday.

JPMorgan is the lead arranger and bookrunner on the deal.

The facility consists of a $30 million revolver that has a $25 million accordion feature, a $35 million domestic term loan and a $35 million euro equivalent French term loan.

Pricing on the facility is expected to be Libor plus 450 basis points. Pricing can range from Libor plus 400 bps to 500 bps based on leverage.

The revolver will have a 50 bps commitment fee initially. The fee can range from 40 bps to 50 bps based on leverage.

Amortization on the term loans will be 15% in the first, second and third years and 20% in the fourth year.

Covenants include a fixed-charge coverage ratio of 1.50 to 1.00 and a maximum leverage ratio of 2.75 to 1.00, stepping down to 2.25 to 1.00 as of Jan. 1, 2011.

Proceeds will be used for general corporate purposes and to refinance existing debt.

Mirion is a San Ramon, Calif.-based provider of products to detect, monitor and identify radiation.

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