Moody’s assigns Mirion loans B1, Caa1

Moody's Investors Service said it assigned Mirion Technologies (HoldingRep), Ltd. a B2 corporate family rating and a B2-PD probability of default rating.

Concurrently, the agency assigned a B1 rating to the new first-lien senior secured credit facilities and a Caa1 to the second-lien term loan being issued by co-borrowers Mirion Technologies (Finance) LLC and Mirion Technologies Inc. (the surviving entity of Heisenberg MergerSub, Inc.).

The outlook is stable.

Ratings on the prior rated entity, Mirion Technologies Inc., will be withdrawn upon transaction close.

Proceeds will be used to fund the acquisition of Mirion by Charterhouse Capital Partners. The transaction will be funded by a $280 million new first-lien term loan, a $65 million new second-lien term loan and significant equity.

The B1 rating on the revolving credit facility reflects its first-lien secured position in the capital structure. The rating benefits from the second-lien debt being in a first loss position after investors equity. Both facilities are guaranteed by the company's wholly owned restricted subsidiaries and benefit from a guarantee from Mirion Technologies (HoldingRep), Ltd.

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