Itron Prices Private Offering Of $700 Mln Of Convertible Senior Notes

(RTTNews) - Itron, Inc. (ITRI), a technology company focused on utilities, announced the pricing of its upsized private offering of $700 million of its 1.375% convertible senior notes due 2030.

The company has increased the offering size from $500 million announced earlier.

Itron granted the initial purchasers of the notes an option to purchase an additional $105 million of notes.

The net proceeds from the offering, to be closed on June 21, will be around $681.1 million or approximately $783.3 million, if the initial purchasers exercise their option to purchase additional notes in full.

Itron expects to use around $94.8 million of the net proceeds to pay the cost of the capped call transactions. It also aims to use approximately $100 million to repurchase 971,534 shares.

The company also intends to use part of the proceeds to repay at maturity, the early repurchase or retirement, or the payment of cash amounts due upon conversion, of the company's 0% convertible senior notes due 2026.

Itron intends to use the remainder of the net proceeds for general corporate purposes.