Mirion Technologies falls after $300 mln convertible debt sale unveiled

Mirion Technologies

20/05/2025 13:12

** Mirion Technologies' MIR.N shares down 3.3% at $16.97 before the bell as co seeks capital raise

** Radiation detection systems maker announces private offering of $300 mln 5-yr convertible bonds

     ** It plans to use net proceeds to repay $250 mln of outstanding term loans, repurchase up to $50 mln worth of its shares, balance for general purposes

** Co also expects to pay for capped calls, derivative transactions employed to offset share dilution

     ** Atlanta, Georgia-based Mirion has ~$4.1 bln market cap, based on ~231.9 mln shares outstanding, per LSEG data

** MIR closed up 1.8% at $17.54 on Mon, up 0.5% YTD. Stock is about 7% shy of its intraday record high of $18.81 hit in Dec

** All 5 analysts covering MIR are bullish with median PT of $19, LSEG data currently reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))