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Investing.com -- Mirion Technologies Inc (NYSE:MIR) stock dropped 4.4% in after-hours trading on Wednesday, following a 10.7% decline during the regular trading session, after the company announced plans to offer $250 million in convertible senior notes.
The nuclear measurement and analysis company said it intends to offer the convertible notes due 2031 in a private placement to qualified institutional buyers. Mirion also plans to grant initial purchasers an option to buy up to an additional $37.5 million in notes within a 13-day period.
Simultaneously, Mirion announced a public offering of $350 million in Class A common stock, with underwriters having a 30-day option to purchase up to an additional $50 million in shares.
The company plans 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 related to the convertible notes. Any remaining funds will be allocated to general corporate purposes.
In connection with the note offering, Mirion expects to enter into privately negotiated capped call transactions, which are designed to reduce potential dilution to common stock upon conversion of the notes.
The notes will be senior unsecured obligations of Mirion, accruing interest payable semiannually, and will be convertible into cash, shares of Mirion’s Class A common stock, or a combination of both at the company’s election.
Goldman Sachs & Co. LLC, Evercore ISI, Citigroup and Morgan Stanley are serving as joint book-running managers for the common stock offering.
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