Why Mirion Technologies Stock Blasted Nearly 11% Higher Today

Key Points

• It was quite a busy news day for the highly specialized nuclear energy tech company.

• It updated investors about its financing efforts, which include flotations of both common stock and convertible senior notes.

• 10 stocks we like better than Mirion Technologies ›

Mirion Technologies (NYSE: MIR), a company that specializes in radiation safety products, was positively radiant on the stock exchange Friday. Investors bid its stock up by almost 11% across the trading session, on several pieces of financing news and an analyst's positive take. That rise was well higher than the 0.6% advance of the S&P 500 index on the day.

Going to the money well

Just after midnight Thursday, Mirion set the pricing of a planned secondary stock issue. It is selling just over 17.3 million shares of its Class A common stock in a public offering at $21.35 per share. All told, it stands to reap just under $370 million in gross proceeds from the issue, which is higher than the $350 million it originally counted on.

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Also very early that morning, Mirion revealed that it was upsizing a planned flotation of convertible senior notes. The aggregate principal amount of that issue is now $325 million, well above the original figure of $250 million. These notes pay no interest, and mature in 2031 if not converted.

They are convertible into Class A Mirion stock, cash, or a combination at the company's discretion. The initial conversion rate is just under 34.7 shares of the stock per $1,000 principal amount of the notes, equating to roughly $28.82 per share at present.

Gone shopping

Mirion said the net proceeds raised by these flotations will be used for a variety of purposes. These include helping to fund the company's acquisition of privately held nuclear engineering specialist Paragon Energy Solutions. This deal was announced on Wednesday, with Mirion agreeing to pay around $585 million in cash for the purchase.

Understandably, investors seem to be impressed with the speed and effectiveness with which Mirion is attempting to raise capital. It's also a very good sign that it's managed to upsize both issues.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.