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S&P lifts Mirion to stable
S&P said it affirmed the B corporate credit rating on Mirion Technologies Inc.
The agency also said it revised the outlook to stable from negative.
S&P also said it affirmed the B rating on the company's first-lien credit facility, which consists of $485 million in first-lien term loans and $35 million revolving credit facility.
The recovery rating on the first-lien facility is 3, indicating 50% to 70% expected default recovery.
S&P also said it affirmed the company’s B- rating on the company's $85 million second-lien credit facility, which includes a $20 million incremental term loan. The recovery rating on the second-lien facility is 5, indicating 10% to 30% expected default recovery.
The outlook revision follows an analysis of the proposed acquisition of Areva SA, the agency explained.
Although the transaction will result in significant incremental debt, S&P said it believes that the incremental EBITDA generated by the proposed transaction, coupled with an expectation for improved performance at Mirion, will lead to a debt-to-EBITDA ratio of less than 6x, trending toward 5x over the next 12- to 18-months, S&P said.
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