04:31 AM EDT, 06/18/2024 (MT Newswires) -- Itron ( ITRI ) said Tuesday it priced a private placement to eligible purchasers of $700 million of 1.375% convertible senior notes due 2030.

The initial purchasers have been granted a 13-day option to purchase up to $105 million additional amount of notes, which will be convertible at an initial rate of $131.24 per share.

Net proceeds, estimated to range from $681.1 million to $783.3 million, will be used to fund certain capped call transactions, $100 million worth of share repurchases, debt repayments, potential strategic transactions, and for general corporate purposes, the company said.

The offering, which has been upsized from $500 million, is expected to close on Friday, subject to customary conditions.

Price: 103.51, Change: +0.58, Percent Change: +0.56