Itron set to price $300 million of 20-year convertibles late Monday, talked at 2%-2.5%, up 35%-40%

By Kenneth Lim

Boston, July 31 - Itron Inc. planned to price Monday evening $300 million of 20-year convertible senior subordinated notes talked at a coupon of 2% to 2.5% and an initial conversion premium of 35% to 40%.

The convertibles were offered at par.

The over-allotment option is for a further $45 million.

UBS Investment Bank is the bookrunner of the registered off-the-shelf deal.

The convertibles are non-callable for the first five years. There are puts in years five, 10 and 15.

Contingent conversion and contingent payment hurdles are set at 120% of the conversion price.

The convertibles have full dividend and takeover protection.

Itron is a Spokane, Wash.-based provider of measurement equipment and software for utilities. The company said the proceeds of the deal will be used for acquisitions and investments and for general purposes.

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