Mirion Said to Seek $200 Million Term Loan to Refinance Debt
Stock Chart for Mirion Technologies Inc (MION)
The debt, due in six years, will pay 5 percentage points more than the London interbank offered rate, said the person, who declined to be identified because the terms are private. Libor, the rate banks say they can borrow in dollars from each other, will have a 1.25 percent floor.
Mirion is proposing to sell the loan at 98 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors.
Lenders are being offered one-year soft-call protection of 101 cents, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first year, the person said.
Credit Suisse Group AG is arranging the financing and will host a lender meeting tomorrow at 10 a.m. in New York, the person said. The San Ramon, California-based company is also seeking a $25 million revolving line of credit.
In January 2006 American Capital Ltd. (ACAS) formed Mirion through a merger of its U.S. portfolio companies Global Dosimetry Solution Inc. and Imaging and Sensing Technology Corp. with its French portfolio company synOdys Group SA, according to American Capital’s website.
Kimberly Croxson, a spokeswoman for Mirion, didn’t immediately respond to an e-mail seeking comment.
In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t.
To contact the reporter on this story: Michael Amato in New York at email@example.com
To contact the editor responsible for this story: Faris Khan at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.