Mirion Technologies plans $250 million convertible notes offering

Mirion Technologies Inc. (NYSE: MIR) announced plans to offer $250 million in convertible senior notes due 2031 through a private placement to qualified institutional buyers. The company also granted initial purchasers an option to buy an additional $37.5 million in notes within 13 days of issuance.

The notes will be senior unsecured obligations that accrue interest payable semiannually. Holders can convert the notes under certain conditions into cash, shares of Mirion's Class A common stock, or a combination of both, at the company's discretion. Interest rates and conversion terms will be determined at pricing.

Mirion expects to use proceeds from the convertible notes offering, along with proceeds from a concurrent $350 million common stock offering, to pay for capped call transactions and fund its planned acquisition of WCI-Gigawatt Intermediate Holdco LLC, the parent of Paragon Energy Solutions LLC. Remaining funds would support general corporate purposes.

The company plans to enter into capped call transactions with initial purchasers or affiliates to reduce potential dilution from note conversions. These transactions may affect Mirion's stock price through derivative trading activities by counterparties.

The concurrent common stock offering includes a 30-day option for underwriters to purchase an additional $50 million in shares. Neither offering is contingent on the other's completion.

Both offerings are subject to market conditions with no assurance of completion timing or final terms. The securities have not been registered under the Securities Act and will be offered under applicable exemptions.

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