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ATLANTA - Mirion Technologies, Inc. (NYSE:MIR), a $5.29 billion market cap company that has delivered an impressive 134% return over the past year, announced Wednesday its intention to offer $250 million in Convertible Senior Notes due 2031 through a private placement to qualified institutional buyers under Rule 144A of the Securities Act.
The nuclear measurement company, which according to InvestingPro maintains a healthy current ratio of 2.54 with liquid assets exceeding short-term obligations, plans to grant initial purchasers an option to buy up to an additional $37.5 million in notes within 13 days of the initial issuance. The notes will be senior unsecured obligations with semiannual interest payments and will be convertible into cash, Mirion Class A common stock, or a combination at the company’s discretion under certain conditions.
Simultaneously, Mirion announced a separate public offering of $350 million in Class A common stock, with underwriters receiving a 30-day option to purchase up to an additional $50 million in shares.
The company intends to use proceeds from both offerings to fund its planned acquisition of WCI-Gigawatt Intermediate Holdco, LLC, the indirect parent of Paragon Energy Solutions, LLC, and to pay for capped call transactions designed to reduce potential dilution from the notes conversion. Any remaining funds will be directed to general corporate purposes.
In connection with the notes offering, Mirion expects to enter into capped call transactions with initial purchasers or their affiliates to offset potential dilution or cash payments upon conversion of the notes.
The offerings are subject to market conditions, with no guarantee of completion. The notes and potential shares issuable upon conversion have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.
This information is based on a press release statement from Mirion Technologies. For deeper insights into Mirion’s financial health, valuation, and 15+ additional exclusive ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Mirion Technologies has reported its Q2 2025 earnings, which exceeded analysts’ expectations. The company posted an adjusted EPS of $0.11, surpassing the forecast of $0.10, and achieved revenue of $222.9 million, outperforming the anticipated $217.04 million. In a significant development, Mirion Technologies announced its acquisition of Paragon Energy Solutions for $585 million in cash. This acquisition is expected to enhance Mirion’s offerings for the nuclear power sector and generate commercial and cost synergies of approximately $10 million by the fifth year post-completion.
Additionally, Mirion Technologies will be added to the S&P SmallCap 600 index, replacing GMS Inc. This change follows Home Depot’s acquisition of GMS. On the analyst front, Northland has initiated coverage of Mirion Technologies with an Outperform rating and a price target of $26.00. The firm emphasized Mirion’s strong market position in radiation technology, particularly in nuclear power and nuclear medicine sectors.
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