Itron, Inc. (ITRI), a technology provider serving the energy and water sectors, announced on Monday its plan to initiate a private offering of $500 million in convertible senior notes, scheduled to mature in 2030.
The company plans to allocate the net proceeds from this offering towards several key financial strategies: covering the cost of capped call transactions, repaying its 0% convertible senior notes maturing in 2026, repurchasing approximately $100 million of its shares, and addressing general corporate needs.
Moreover, Itron intends to provide the initial purchasers with an option to acquire an additional $75 million in notes.
As part of the note pricing process, the company anticipates entering into capped call transactions with the initial purchasers or their affiliates, as well as other financial institutions.
