By Paul A. Harris
St. Louis, May 5 - Itron Inc. sold $125 million of eight-year senior subordinated notes (B2/B) Wednesday at 99.265 with a 7¾% coupon to yield 7 7/8%, according to a syndicate source.
Price talk was 7¾% to 8%.
Bear Stearns & Co. ran the books on the Rule 144A issue.
Proceeds will be used to partially fund Itron's acquisition of the electricity products business of Schlumberger Ltd. and to repay bank debt.
The issuer is a Spokane, Wash.-based meter data collection and energy information management company.
| Issuer: | Itron Inc.
|
| Amount: | $125 million
|
| Maturity: | May 15, 2012
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Bear Stearns & Co.
|
| Coupon: | 7¾%
|
| Price: | 99.265
|
| Yield: | 7 7/8%
|
| Spread: | 350 basis points
|
| Call features: | Callable after May 15, 2008 at 103.875, 101.938, par on or after May 15, 2010
|
| Pricing date: | May 5
|
| Settlement date: | May 10
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 7¾%-8%
|
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