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Itron closes $300M note offering to fund Silver Spring deal

Itron Inc. closed a private offering of $300 million of 5% senior notes due Jan. 15, 2026, according to a Form 8-K filing.

The company plans to use net proceeds, along with cash on hand and borrowings under its senior credit facilities, to fund a portion of its acquisition of smart grid technology provider Silver Spring Networks Inc. The deal, valued at $830 million, recently cleared the antitrust review and is expected to close in early 2018.

Wells Fargo Securities LLC acted as the sole book-running manager.