LIBERTY LAKE, Wash.--(BUSINESS WIRE)--
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:
At Itron, we're dedicated to delivering end-to-end smart grid and smart
distribution solutions to electric, gas and water utilities around the
globe. Our company is the world's leading provider of smart metering,
data collection and utility software systems, with nearly 8,000
utilities worldwide relying on our technology to optimize the delivery
and use of energy and water. Our offerings include electricity, gas,
water and heat meters; network communication technology; collection
systems and related software applications; and professional services. To
realize your smarter energy and water future, start here: www.itron.com.
Itron Inc.
Marni Pilcher, Director, Investor Relations
509-891-3847
marni.pilcher@itron.com
Source: Itron Inc.
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