Itron Inc. priced a $300 million private offering of 5.0% senior notes due 2026, according to a Dec. 8 news release.
The company plans to use net proceeds, along with cash on hand and borrowings under its senior credit facilities, to fund the merger consideration of its Silver Spring Networks Inc. acquisition and to refinance their existing debts.
Itron is acquiring smart grid technology provider Silver Spring Networks in a transaction valued at $830 million. The deal recently cleared the antitrust review following the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
