ITRI - Itron prices follow-on public offering at $90

Itron (ITRI) has priced its public offering of ~4M shares at $90.00/share.Underwriters' over-allotment is an additional 583,333 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 and to pay all fees and expenses related to the offering and such repayment.Closing date is March 12.Separately, the company has priced 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 and is expected to close on March 12.The initial conversion rate is  7.9365 common shares per $1,000 principal amount of notes (~$126.80/share), representing a conversion premium of 40% over the public offering price in the Company’s concurrent common stock offering.

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Itron prices follow-on public offering at $90