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Itron Prices Upsized $700 Million 1.375% Convertible Senior Notes Offering
LIBERTY LAKE, Wash., June 17, 2024 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI) (the “Company”), which is innovating new ways for utilities and cities to
About this update from Itron, Inc.
[{"type":"text","content":"LIBERTY LAKE, Wash., June 17, 2024 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI) (the “Company”), which is innovating new ways for utilities and cities to manage energy and water, today announced the pricing of its private offering of $700 million aggregate principal amount of its 1.375% convertible senior notes due 2030 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $500 million aggregate principal amount of Notes. The Company also granted the initial purchasers of the Notes an option to purchase, for settlement during a 13-day period beginning on, and including the first day the Notes are issued, an additional $105 million aggregate principal amount of Notes. The offering is expected to settle on June 21, 2024, subject to customary closing conditions. The Notes will accrue interest at a rate of 1.375% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2025. The Notes will mature on July 15, 2030, unless earlier converted, redeemed or repurchased. The conversion rate will initially be 7.6199 shares of common stock per $1,000 principal amount of Notes, subject to adjustment in certain circumstances. This represents an initial conversion price of approximately $131.24 per share, representing a conversion premium of approximately 27.5% over the last reported sale price of $102.93 per share of the Company’s common stock on June 17, 2024. The Notes will be convertible at the option of the holders prior to April 15, 2030 only during certain periods upon the occurrence of certain events and will be convertible thereafter at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay cash up to the aggregate principal amount of Notes to be converted and pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. In addition, the Notes will be redeemable, in whole or in pa...