LIBERTY LAKE, Wash.–(BUSINESS WIRE)–Itron which is innovating the way utilities and cities manage energy and water, today announced the pricing of its underwritten public offering of 3,888,889 shares of common stock at a price to the public of $90.00 per share. The underwriters will also have a 30-day option to purchase up to an additional 583,333 shares. The offering is expected to close on or about March 12, 2021, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering, together with cash on hand, to repay outstanding term loan borrowings under its credit facility that was initially entered into on January 5, 2018, and to pay all fees and expenses related to the offering and such repayment.
The Company also announced by separate press release that it has priced its previously announced private offering to eligible purchasers of $400 million aggregate principal amount of 0% convertible senior notes due 2026. The initial purchasers of the convertible notes have a 13-day option to purchase up to an additional $60 million aggregate principal amount of convertible notes. The offering of convertible notes is expected to close on or about March 12, 2021, subject to customary closing conditions. The closing of the offering of shares is not contingent upon the closing of the offering of convertible notes (or vice versa).
J.P. Morgan Securities LLC is acting as lead book-running manager for the offering. Wells Fargo Securities is acting as book-running manager for the offering.
A shelf registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on March 8, 2021. The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering, when available, may be obtained from (1) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone at 1-866-803-9204 or via email at prospectus-eq_fi@jpmchase.com and (2) Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York 10001, via telephone 1-800-326-5897, or via email at cmclientsupport@wellsfargo.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares of common stock and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.
About Itron
Itron® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Contacts
Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643