Monitor Itron's stock price relative to the $123.77 conversion price and $190.42 cap price, as sustained trading above these levels could trigger conversions or affect hedging activities by the capped call counterparties.
Price Chart
Executive Summary
Itron issued $805 million in 0.00% convertible senior notes due 2032 and entered into capped call transactions to mitigate dilution. The notes are convertible into stock at an initial price of $123.77 per share, with the company using proceeds to fund the capped calls, repurchase $100 million of its stock, and repay maturing debt.
Key Financial Metrics
Key Facts
- Itron issued $805 million in 0.00% convertible senior notes due 2032
- The notes are convertible at an initial conversion price of $123.77 per share (8.0793 shares per $1,000 principal)
- Itron entered into capped call transactions with multiple banks for approximately $92.8 million to reduce potential dilution upon conversion
- The company will use approximately $100 million of proceeds to repurchase 1,050,309 shares of its common stock
- Remaining proceeds will be used to repay the company's 0.00% Convertible Senior Notes due 2026 and for general corporate purposes
Financial Impact
$805 million in new debt, $92.8 million in capped call costs, $100 million in share repurchases
Risk Factors
- Potential dilution if stock price exceeds the $190.42 cap price on the capped calls
- Counterparty risk associated with the capped call transactions
- Increased debt burden despite the convertible structure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-076749 |
| Document: d925789dex101.htm | 0001193125-26-076749 |
| Document: d925789d8k.htm | 0001193125-26-076749 |
| Document: d925789dex992.htm | 0001193125-26-076749 |
| Document: d925789dex991.htm | 0001193125-26-076749 |
| Document: 0001193125-26-076749-index-headers.html | 0001193125-26-076749 |
| Document: 0001193125-26-076749-index.html | 0001193125-26-076749 |
| Document: 0001193125-26-076749.txt | 0001193125-26-076749 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | $86.51 (−12.49%) |
Aug 25, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | $86.51 (−12.49%) |
Aug 25, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | $86.51 (−12.49%) |
Aug 24, 2026 5w ago | Insider Cluster | $98.69 $92.43 | ▼ −6.34% | ▼ −6.36% | $86.51 (−12.34%) |
Aug 24, 2026 5w ago | Insider Cluster | $98.69 $92.43 | ▼ −6.34% | ▼ −6.36% | $86.51 (−12.34%) |
Aug 24, 2026 5w ago | Insider Cluster | $98.69 $92.43 | ▼ −6.34% | ▼ −6.36% | $86.51 (−12.34%) |
Jul 28, 2026 9w ago | Press Release | $107.02 $98.73 | ▼ −7.75% | ▼ −11.13% | $86.51 (−19.16%) |
Jul 9, 2026 12w ago | Institutional Cluster | $84.99 $102.82 | ▲ +20.98% | ▲ +18.74% | $86.51 (+1.79%) |
Jun 16, 2026 15w ago | Press Release | $81.10 $83.46 | ▲ +2.91% | ▲ +2.71% | $86.51 (+6.67%) |
Jun 4, 2026 17w ago | Insider Cluster | $81.05 $85.11 | ▲ +5.01% | ▲ +6.38% | $86.51 (+6.74%) |
US Market Status
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