Itron Sets Private Offering Of $500 Mln In Sr. Notes

(RTTNews) - Itron, Inc. (ITRI), a technology provider to energy and water industries, Monday announced its decision to commence a private offering of $500 million convertible senior notes due 2030.

The company intends to use the net proceeds from the offering to pay the cost of the capped call transactions, to fund the repayment of its 0 percent convertible senior notes due 2026, to buy back about $100 million of shares, and for general corporate purposes.

The company intends to grant the initial purchasers an option to purchase an additional $75 million of notes.

In connection with the pricing of the notes, the company expects to enter into capped call transactions with the initial purchasers or their affiliates and/or other financial institutions.