Itron (ITRI) Announces Launch of $350M Follow-On Public Offering of Common Stock

March 8, 2021 4:01 PM EST

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Itron, Inc. (NASDAQ: ITRI) (the “Company”), which is innovating the way utilities and cities manage energy and water, today announced that it has commenced an underwritten public offering, subject to market and other conditions, of $350 million of shares of common stock of the Company. The Company intends to grant to the underwriters an option to purchase up to $52.5 million of additional shares. 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 commenced a private offering to eligible purchasers of $400 million aggregate principal amount of convertible notes due 2026 (or up to $460.0 million aggregate principal amount if the initial purchasers exercise in full their option to purchase additional convertible notes). Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy the convertible notes. The closing of the offering of shares is not contingent upon the closing of the offering of the 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.



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