Deal Details

Itron Completes $805 Million Convertible Notes Offering

Technology & Services

Itron convertible notes offering

Summary

Itron, Inc. (“Itron” or the “Company”) (NASDAQ: ITRI), recently completed a private offering of $805.0 million aggregate principal amount of 1.375% convertible senior notes due 2030 pursuant to Rule 144A, which includes the exercise in full by the initial purchasers of their option to purchase an additional $105.0 million of notes. The offering size was increased from the previously announced offering size of $500.0 million aggregate principal amount of notes. Itron intends to use the net proceeds from the offering to pay the cost of capped call transactions, repurchase approximately $100.0 million of common stock outstanding, repurchase a portion of convertible senior notes outstanding and for general corporate purposes.

Baird acted as a co-manager on this offering.

About

Itron is a global leader in energy and water management, smart city applications, Industrial Internet of Things (IIoT) and intelligent infrastructure and related services. For utilities and cities, the Company builds innovative systems, creates new efficiencies, connects communities, encourages conservation and increases resourcefulness by helping its customers make the most of the energy and water they manage. By safeguarding invaluable natural resources, Itron seeks to improve the quality of life for people around the world. Itron is headquartered in Liberty Lake, Washington.