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Itron amends financing commitments for Silver Spring deal

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Itron amends financing commitments for Silver Spring deal

Itron Inc. entered into an amended and restated debt commitment letter on Oct. 3 to help finance its $830 million merger with Silver Spring Networks Inc.

WF Bank, WF Investments, WF Securities, JPMorgan Chase Bank N.A., ING Bank N.V., Dublin Branch, BNP Paribas, Bank of the West and U.S. Bank National Association agreed to amend the original financing commitment, according to an Oct. 6 filing.

The parties agreed to commit approximately $1.10 billion in senior secured credit facilities and a $350 million unsecured bridge loan facility, which will be used to refinance Itron's existing credit facilities and partly for the Silver Spring transaction, according to the filing.

WF Securities and JP Morgan will act as joint bookrunners and joint lead arrangers for the financing, WF Bank and WF Investments will act as administrative agents, and JP Morgan will act as syndication agent.