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Itron $125 million eight-year notes price talk 7¾%-8%, to price Tuesday
By Paul A. Harris
St. Louis, May 3 - Price talk is 7¾% to 8% on Itron Inc.'s proposed $125 million offering of eight-year senior subordinated notes (B2/B), according to a market source, who added that the deal is expected to price on Tuesday.
Bear Stearns & Co. is the bookrunner for the Rule 144A offering.
The notes will come with four years of call protection.
Proceeds will be used to partially fund Itron's acquisition of the electricity products business of Schlumberger Ltd. and to repay bank debt.
Itron is a Spokane, Wash.-based meter data collection and energy information management company.
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