Itron, Inc. announced the pricing of its private offering of $700.0 million aggregate principal amount of 0.00% convertible senior notes due 2032 to qualified institutional buyers. The offering size was increased from $600.0 million, with an option to purchase an additional $105.0 million. The Notes will not bear regular interest, mature on March 15, 2032, and be convertible to common stock. The Company expects net proceeds of approximately $681.1 million. Itron is a global leader in energy, water, smart city, and infrastructure services, focusing on innovation and resource conservation.

The Company entered into capped call transactions to reduce potential dilution and offset cash payments related to the Notes. The net proceeds from the offering will cover the cost of these transactions, repurchase shares of common stock, repay existing debt, and for general corporate purposes. The Notes will be offered to qualified institutional buyers and have not been registered under the Securities Act. Forward-looking statements indicate the Company’s current strategy and expectations.

Read more at GlobeNewswire: Itron Prices Upsized $700.0 Million 0.00% Convertible