09:28 AM EDT, 06/17/2024 (MT Newswires) -- Itron ( ITRI ) said Monday it plans to launch a private offering of $500 million of convertible senior notes due 2030, subject to market conditions.

Initial buyers of the notes will be given the option to buy an additional $75 million of the notes, the company said, adding the terms of the notes will be determined at pricing, Itron ( ITRI ) said.

Part of the net proceeds will be used to pay the cost of capped call deals related to the offering while up to about $100 million will be used to repurchase shares simultaneously with the pricing of the offering in privately negotiated deals, the company said.

A portion of the proceeds may also be used to back the repayment at maturity, the early repurchase or retirement, or the payment of cash amounts due upon conversion, of the company's 0% convertible notes due 2026, Itron ( ITRI ) added.

Itron ( ITRI ) shares were 4.8% lower in recent premarket activity.

Price: 100.93, Change: -5.05, Percent Change: -4.77