Press Release

Itron Completes Refinancing of Senior Secured Debt

Lowers Costs and Increases Flexibility

LIBERTY LAKE, Wash.—August 8, 2011—Itron, Inc. (NASDAQ: ITRI), a leading solutions provider to the utility industry, announced today that it has completed a refinancing of its senior secured debt providing for committed credit facilities in the amount of $800 million. The new credit agreement consists of a $300 million term loan and a multicurrency revolving credit facility with a committed amount of $500 million.

Both the term loan and the revolver mature on August 5, 2016. Interest on the term loan and revolver is based on the index rate and the applicable margin, which is determined by the Company's leverage ratio, as outlined in the pricing grid of the credit agreement included with the Form 8-K filed today with the Securities and Exchange Commission. At inception, the interest rate for the term loan and revolver is LIBOR plus 1.50%.

The credit agreement provides more flexibility to the company. The maximum leverage covenant is 4.0 times net debt divided by earnings before interest and taxes (EBITDA), and the minimum interest coverage covenant is 3.0 times EBITDA divided by annual interest expense.The credit agreement has no capital expenditure covenant and permits purchases of the company's stock and payment of dividends provided the ratio of net debt to EBITDA is less than 2.75 times and certain other conditions are met.

"I am very pleased with the low cost and flexibility provided by the new agreement," said Steve Helmbrecht, senior vice president and CFO. "Our cash flow performance and strategy to aggressively pay down debt over the last couple of years created the opportunity to refinance our senior debt, reduce costs, extend the maturity and support our future growth.We appreciate the support and confidence of the syndicate of relationship banks led by Wells Fargo and J.P. Morgan."

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us:

PR Contact

Alison Mallahan

Senior Manager, Corporate Communications

(509) 891-3802