Itron talks $100 million tap of 5% senior notes due 2026 at par; pricing Wednesday

By Paul A. Harris

Portland, Ore., Jan. 17 – Itron Inc. is talking a proposed $100 million add-on to its 5% senior notes due Jan. 15, 2026 (existing ratings B2/BB-) at par, according to a syndicate source.

The Rule 144A and Regulation S for life offering is set to price in a quick-to-market Wednesday trade. Books close at 12:30 p.m. ET.

Lead left active bookrunner Wells Fargo Securities LLC will bill and deliver. J.P. Morgan Securities LLC is the passive bookrunner.

BNP Paribas Securities Corp., ING Financial Markets LLC and U.S. Bancorp Investments Inc. are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points until Jan. 15, 2021, then become callable at 102.5. The notes also feature a 35% equity clawback at 105 until Jan. 15, 2021 and a 101% poison put.

The Liberty Lake, Wash.-based technology and services company plans to use the proceeds to repay a portion of its revolving credit facility and for general corporate purposes.

The original $300 million issue priced at par on Dec. 8, 2017.

The Rule 144A add-on notes will immediately become fungible with the original notes. The Regulation S add-on notes will become fungible with the original notes following 40-day cooling period.

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