S&P puts Mirion on positive watch

S&P said it placed Mirion Technologies Inc.’s ratings, including its B first-lien loan ratings, on CreditWatch with positive.

The placement follows Mirion agreeing to merge with GS Acquisition Holdings Corp. II, a special purpose acquisition company, in a cash- and equity-funded transaction, the agency said.

“We expect the total acquisition value to be about $2.6 billion, including debt. We believe the company will use a portion of the combined proceeds to reduce Mirion's debt, which will reduce leverage,” S&P said in a press release.

The agency plans to resolve the CreditWatch after the transaction closes.

“We could raise the issuer credit rating by one notch to B+ upon completion of the transaction if the company has repaid some debt and we deem financial policies as supportive of lower leverage,” S&P said.

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