Itron (ITRI) Pushes Lower AH On 2.75 Million Share Offering

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04:19:14 pm on May 28, 2009

Itron (ITRI), the smart grid gorilla, is selling off a bit after hours after announcing it is selling 2.75 million shares at 55.81/share.  The company expects to use $125 million of the proceeds to repay a portion of outstanding non-convertible debt and the remainder for general corporate purposes.  Canaccord Adams is the lead, book running manager while Stephens Inc is acting as co-manager on the deal which is expected to close around June 3rd.  I have been waiting for the right time to pounce on a long term position and this selling may just offer that opportunity.  I’ll have to see how it reacts to this dilution tomorrow morning.

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