Itron to Redeem Convertible Senior Subordinated Notes
LIBERTY LAKE, Wash.—August 25, 2011—Itron Inc. (NASDAQ: ITRI), a leading solutions provider to the utility industry, announced today that it will redeem the remaining 2.5% convertible senior subordinated notes due 2026.The notes have an outstanding balance of $38.8 million and will be redeemed on September 30, 2011.The redemption will be funded by the company's cash on hand and available liquidity under its revolving credit facility.
"I am very pleased with our overall efforts to strengthen our balance sheet and liquidity," said Steve Helmbrecht, senior vice president and CFO."The redemption of the remaining convertible notes reduces our overall cost of debt, simplifies our capital structure and eliminates potential future share dilution."
About Itron
Itron is a proven global leader in energy, water, smart city, IIoT and intelligent infrastructure services. For utilities, cities and society, we build innovative systems, create new efficiencies, connect communities, encourage conservation and increase resourcefulness. By safeguarding our invaluable natural resources today and tomorrow, we improve the quality of life for people around the world. Join us: www.itron.com.
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