Itron, Inc. (ITRI), a technology firm specializing in utility services, has announced the pricing of an expanded private offering, now set at $700 million for its 1.375% convertible senior notes, maturing in 2030.
Initially set at $500 million, the offering size has been increased by the company.
Itron has also granted initial purchasers an option to acquire an additional $105 million in notes.
Expected net proceeds from the offering, scheduled to close on June 21, are approximately $681.1 million, which could rise to around $783.3 million if the initial purchasers fully exercise their option for additional notes.
The company plans to allocate approximately $94.8 million of the net proceeds to cover the costs of capped call transactions. Additionally, about $100 million will be used to repurchase 971,534 shares.
Itron also aims to utilize a portion of the proceeds for various financial strategies, including repaying at maturity, early repurchasing or retiring, or covering cash amounts due upon conversion for its 0% convertible senior notes due in 2026.
The remaining proceeds are intended for general corporate purposes.
