Mirion Technologies plans $300 million convertible notes offering

ATLANTA - Mirion Technologies, Inc. (NYSE: MIR), a global provider of mission-critical radiation detection and measurement solutions with a market capitalization of $3.74 billion, announced its plan to offer $300 million in Convertible Senior Notes due 2030 in a private placement to qualified institutional buyers. The company’s stock has shown remarkable strength, delivering a 63.77% return over the past year and currently trading near its 52-week high of $18.81. According to InvestingPro analysis, the stock is currently trading above its Fair Value. The offering is contingent on market conditions, and there is no guarantee of its completion or the terms involved.

The notes are to be unsecured and will pay interest semiannually, with conversion options into cash, Mirion’s Class A common stock, or a mix, at the company’s discretion. The specific interest rate and conversion terms will be established at the offering’s pricing.

Mirion intends to allocate the net proceeds to various strategic actions, including financing capped call transactions, repaying $250 million of its senior secured term loans, repurchasing up to $50 million of its Class A common stock, and for general corporate purposes and working capital. The company maintains a healthy financial position with a current ratio of 2.23, indicating strong liquidity to meet its short-term obligations. InvestingPro data reveals additional insights about Mirion’s financial health, with 8 more exclusive ProTips available to subscribers. While Mirion has previously acquired businesses and technologies, it currently has no commitments for significant acquisitions or investments.

In conjunction with the notes’ pricing, Mirion plans to enter capped call transactions to minimize dilution from note conversions and offset cash payments above the principal amount, subject to a cap. These transactions may affect the market price of Mirion’s Class A common stock or the notes.

Additionally, Mirion anticipates using part of the proceeds to repurchase up to $50 million of its Class A common stock concurrently with the offering’s pricing, separate from its existing stock repurchase program. These repurchases could impact the market price of the stock and the effective conversion price of the notes.

The notes and any shares issued upon their conversion will not be registered under the Securities Act or state securities laws and will be offered in compliance with applicable exemptions.

This press release contains forward-looking statements regarding the offering, capped call transactions, and the anticipated use of proceeds, which are subject to market risks and uncertainties. While currently not profitable, InvestingPro analysts project the company will achieve profitability this year. For comprehensive analysis and detailed valuation metrics, investors can access Mirion’s complete Pro Research Report, part of InvestingPro’s coverage of over 1,400 US equities.

The information provided is based on a press release statement from Mirion Technologies, Inc.

In other recent news, Mirion Technologies reported impressive financial results for the first quarter of 2025. The company achieved an adjusted earnings per share (EPS) of $0.10, surpassing analyst expectations of $0.08. Revenue also exceeded forecasts, reaching $202 million compared to the anticipated $199.34 million. Mirion Technologies maintained its full-year 2025 guidance, continuing to project high single-digit growth in the Nuclear Power market. The company announced a strategic acquisition of a small software business called OncoSpace, enhancing its capabilities in the radiation therapy software sector. Analysts from firms like Goldman Sachs and Citigroup discussed the company’s strong order growth, particularly in the nuclear power segment, which saw a notable increase. The company remains focused on strategic acquisitions and efficiency initiatives to drive future growth. Additionally, Mirion Technologies is actively managing potential tariff impacts and supply chain disruptions, with strategies in place to mitigate these challenges.

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