Mirion prices upsized public offering of class A common stock at $21.35

NEW YORK - Mirion Technologies, Inc. (NYSE:MIR), a $4.61 billion market cap company, has priced an upsized public offering of 17,309,846 shares of its Class A common stock at $21.35 per share, the company announced Thursday. According to InvestingPro data, the stock has seen a remarkable 94% return over the past year, despite a recent 12% decline in the past week.

The offering, which was increased from the previously announced $350 million target, is expected to close on September 30, 2025. Mirion has also granted underwriters an option to purchase up to an additional 2,596,476 shares. The company maintains a strong financial position, with InvestingPro analysis showing a healthy current ratio of 2.54, indicating solid liquidity to meet short-term obligations.

Goldman Sachs & Co. LLC, Evercore ISI, Citigroup, Morgan Stanley, Baird and Truist Securities are serving as joint book-running managers for the offering, with CJS Securities and B. Riley Securities acting as co-managers.

Mirion estimates net proceeds of approximately $356.2 million after deducting underwriting discounts, commissions and estimated offering expenses. The company plans to use the proceeds, along with funds from its concurrent $325 million convertible notes offering, to pay for capped call transactions and fund its planned acquisition of WCI-Gigawatt Intermediate Holdco, LLC, the indirect parent of Paragon Energy Solutions, LLC.

The company noted that if the acquisition is not completed, remaining proceeds will be used for general corporate purposes. The common stock offering is not contingent on the completion of the convertible notes offering, and vice versa.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission on November 17, 2022, and declared effective on November 28, 2022.

Mirion, headquartered in Atlanta, is a provider of radiation safety, science and medicine solutions, with approximately 2,800 employees operating in 12 countries. The company has demonstrated steady growth with revenue increasing by 7.9% over the last twelve months. For deeper insights into Mirion’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US equities with detailed analysis and actionable intelligence.

This article is based on a press release statement from Mirion Technologies.

In other recent news, Mirion Technologies has announced a $325 million offering of 0.00% Convertible Senior Notes due in 2031, which marks an increase from the initially planned $250 million. This move is part of the company’s financial strategy, with the offering expected to close soon. Additionally, Mirion is planning a $350 million public offering of its Class A common stock, providing underwriters a 30-day option to purchase an additional $50 million in shares. Moody’s Ratings has affirmed Mirion’s B1 corporate family rating and upgraded its senior secured bank credit facility rating to Ba2, maintaining a stable outlook. This follows the company’s launch of a new 6-year $250 million senior unsecured convertible bond, with proceeds aimed at funding the $585 million acquisition of Paragon Energy Solutions. The bond also includes a $45 million greenshoe option for general corporate purposes. These developments indicate a series of strategic financial maneuvers by Mirion Technologies to strengthen its market position.

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