Mirion Upsizes Notes Issue to $325M, Stock Rises 11% on Acquisition Plans
Mirion Technologies has upsized its convertible senior notes issue to $325 million, with notes convertible into Classroom A stock at an initial rate of nearly 34.7 shares per $1,000 principal amount. The company's stock rose by almost 11% on Friday, outperforming the S&P 500 index. Mirion plans to use the net proceeds to fund its acquisition of Paragon Energy Solutions.
The company initially planned to raise $250 million through the notes issue but increased it to $325 million. These notes can be converted into Mirion's Classroom A stock at an initial conversion rate of nearly 34.7 shares per $1,000 principal amount. However, the current offering price for Mirion Technologies' Classroom A shares in the planned stock issuance is not publicly disclosed.
Mirion Technologies' stock performance has been robust. On Friday, the stock rose by almost 11%, significantly outperforming the S&P 500 index's 0.6% advance. This positive trend follows a secondary stock issue of over 17.3 million shares at $21.35 per share, expected to gross nearly $370 million.
Mirion Technologies' strategic moves, including the upsized notes issue and the secondary stock offering, have positioned the company to fund its acquisition of Paragon Energy Solutions for around $585 million in cash. The company's strong stock performance indicates investor confidence in its growth prospects.
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