ITRI - Itron launches $350M follow-on offering & $400M senior notes offering

Itron (ITRI) commenced an underwritten public offering of $350M of shares ; underwriters granted an option to purchase up to $52.5M of additional shares.Net proceeds along with cash on hand will be used to repay outstanding term loan borrowings under its credit facility that was initially entered into on Jan. 5, 2018.Separately, the company commenced a private offering to eligible purchasers of $400M principal amount of convertible senior notes due 2026; initial purchasers granted 13-day option to purchase additional $60M principal amount of Notes.Notes terms, interest rate will be determined at the time of offer pricing.Shares trading 0.96% down after hours.

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Itron launches $350M follow-on offering & $400M senior notes offering