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Itron selling $300M of senior notes to help fund Silver Spring acquisition

Itron Inc. is selling $300 million of its senior notes due 2025 in a private placement to help fund its planned acquisition of Silver Spring Networks Inc. and refinance its existing debts.

The offering is part of the financing of the merger deal, which has cleared the antitrust review following the expiration of the required waiting period under the Hart-Scott-Rodino Act of 1976, according to a Dec. 5 release.

The parties expect to complete the merger in early 2018. At the closing, Silver Spring will become a wholly owned subsidiary of Itron.