Mirion plans $660 million credit facilities for GS Acquisition merger

By Sara Rosenberg

New York, June 17 – Mirion Technologies Inc. plans on getting $660 million of credit facilities in connection with its combination with GS Acquisition Holdings Corp. II, a special purpose acquisition company, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Goldman Sachs Lending Partners LLC and Citigroup Global Markets Inc. provided the debt commitment.

The facilities consist of a $90 million revolver and a $570 million first-lien term loan.

The company is estimating pricing on the revolver and term loan to be Libor plus 300 basis points.

Total net debt to adjusted EBITDA is expected to be around 3x and total gross debt to adjusted EBITDA is expected to be around 3.3x.

Mirion is also planning on getting a commitment for $260 million of additional debt financing to be used in the event of redemptions.

The company may choose to retain the higher amount of first-lien debt and put more cash on the pro forma balance sheet to support acquisition activities or other general corporate purposes.

Proceeds from the new debt, $750 million of SPAC cash in trust, a $900 million PIPE investment and $112 million of cash on the balance sheet will be used to pay $1.31 billion to existing shareholders, refinance an existing $90 million revolver, a $765 million first-lien term loan priced at Libor plus 400 bps and a roughly $151 million euro equivalent first-lien term loan priced at Euribor plus 425 bps, add cash to the balance sheet and pay transactions costs.

Closing is expected in the second half of the year, subject to certain conditions, including regulatory approvals and approval by GS Acquisition stockholders.

Mirion, currently a Charterhouse Capital Partners LLP portfolio company, is an Atlanta-based provider of mission-critical radiation detection and measurement solutions.

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