Latham & Watkins Advises on Itron, Inc.’s Upsized US$805 Million Convertible Senior Notes Offering

On June 21, 2024, Itron, Inc. (NASDAQ: ITRI), a global leader in energy, water, smart city, IIoT, and intelligent infrastructure services, completed a private offering of US$805 million aggregate principal amount of its 1.375% convertible senior notes due 2030 to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, which included the exercise in full by the initial purchasers of their option to purchase an additional US$105 million aggregate principal amount of Notes. The offering size was increased from the previously announced offering size of US$500 million aggregate principal amount of Notes.

Latham & Watkins LLP represented the initial purchasers in the offering with a capital markets team led by New York/Los Angeles partner Greg Rodgers, Los Angeles partner Arash Aminian Baghai, and Century City partner Brent Epstein, with associates Ryan Gold, Eric Finkelberg, and Dylan Shamoon. Advice was also provided on equity derivatives matters by New York partner Reza Mojtabaee-Zamani, with associates Shawn Noh and Sloan Ungerman; and on tax matters by New York partner Aaron Bernstein.