Moody's assigns Mirion, loans B1

Moody's Investors Service said it assigned ratings to Mirion Technologies, Inc., including a B1 corporate family rating, a B1-PD probability of default rating and B1 senior secured rating on its expected first-lien credit facilities, which will include a $90 million revolving credit and a $830 million term loan. Moody's also assigned Mirion an SGL-2 speculative-grade liquidity rating.

“The rating action follows Mirion's agreement to enter into a business combination with GS Acquisition Holdings Corp II (GSAH), a special purpose acquisition company (SPAC), to become a publicly traded company,” Moody’s said in a press release.

GSAH's about $2.6 billion purchase is anticipated to be funded by the $830 million term loan, $750 million in cash from SPAC investors, $900 million from private investment in public equity investors and $101 million in available cash.

The proceeds will also be used to repay Mirion Technologies (Luxembourg) Sarl’s debt, add cash to the balance sheet and pay transaction expenses. Upon the deal’s close, Moody's said it will withdraw all of Mirion Technologies Sarl’s ratings.

The outlook is stable.

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