New Issue: Itron prices $100 million tap of 5% notes due 2026 at par to yield 5%

By Paul A. Harris

Portland, Ore., Jan. 17 – Itron Inc. priced a $100 million add-on to its 5% senior notes due Jan. 15, 2026 (B2/BB-) at par to yield 5% in a quick-to-market Wednesday trade, according to a syndicate source.

The reoffer price came on top of price talk.

Lead left active bookrunner Wells Fargo Securities LLC will bill and deliver. J.P. Morgan Securities LLC was a passive bookrunner.

The Liberty Lake, Wash.-based technology and services company plans to use the proceeds to repay a portion of its revolving credit facility and for general corporate purposes.

Issuer:	Itron, Inc.
Amount:	$100 million
Maturity:	Jan. 15, 2026
Security description:	Add-on to 5% senior notes due Jan. 15, 2026
Left lead active bookrunner:	Wells Fargo Securities LLC (bill and deliver)
Passive bookrunner:	J.P. Morgan Securities LLC
Co-managers:	BNP Paribas Securities Corp., ING Financial Markets LLC, U.S. Bancorp Investments Inc.
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	247 bps
First call:	Make-whole call at Treasuries plus 50 bps until Jan. 15, 2021, then callable at 102.5
Equity clawback:	35% at 105 until Jan. 15, 2021
Trade date:	Jan. 17
Settlement date:	Jan. 19
Ratings:	Moody's: B2
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	Par
Marketing:	Quick to market
Original issue:	$300 million priced at par on Dec. 8, 2017
Fungibility:	Rule 144A add-on notes to immediately become fungible with original notes; Regulation S add-on notes to become fungible with original notes following 40-day cooling period
Total issue size:	$400 million

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