By Paul A. Harris
Portland, Ore., Dec. 8 – Itron, Inc. priced a $300 million issue of eight-year senior notes (B2/BB-) at par to yield 5% on Friday, according to a syndicate source.
The yield printed on top of final yield talk, which tightened from earlier official talk in the 5¼% area.
Wells Fargo Securities LLC is the left bookrunner. J.P. Morgan Securities LLC is the joint bookrunner.
The Liberty Lake, Wash.-based technology and services company plans to use the proceeds, together with cash on hand and new senior secured credit facilities, to fund the acquisition of Silver Spring Networks Inc. and refinance existing debt.
Silver Spring is a San Jose, Calif.-based provider of technology systems and services to utilities and cities.
| Issuer: | Itron, Inc.
|
| Amount: | $300 million
|
| Maturity: | Jan. 15, 2026
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunner: | J.P. Morgan Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp., ING, U.S. Bancorp Investments Inc.
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 266 bps
|
| First call: | Jan. 15, 2021 at 102.5
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 22
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5%, revised from 5¼% area
|
| Marketing: | Roadshow
|
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