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Itron to Redeem Convertible Senior Subordinated Notes
LIBERTY LAKE, Wash.—August 25, 2011—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
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: www.itron.com.