Itron prices upsized $700.0 million convertible notes offering due 2032
Itron entered into a purchase agreement to sell $700.0 million of 0.00% convertible senior notes due March 15, 2032 in a private offering, and the initial purchasers exercised in full an option for an additional $105.0 million on February 24, 2026. The notes have an initial conversion price of about $123.77 per share, a premium of about 30.0% over the $95.21 closing price on February 23, 2026, and the company paid about $92.8 million for capped call transactions meant to reduce dilution. Shareholders face possible dilution if the notes convert, though the capped calls offset some of that exposure up to a cap price of $190.42 per share.
Key points
- Principal: $700.0 million initial notes plus $105.0 million option exercised in full on February 24, 2026; the notes pay no regular interest.
- Initial conversion price of about $123.77 per share, a 30.0% premium to the $95.21 closing price on February 23, 2026.
- Capped call transactions cost about $92.8 million, with a cap price of $190.42 per share.
- Company expects to use net proceeds to pay for the capped calls, repurchase about $100.0 million of common stock, and repay its 0.00% convertible notes due 2026.
The filing
Written by AI on Nov 8, 2026, 1:00 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 26, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.