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Wednesday, October 01, 2008
Itron Releases Information Related to Convertible Senior Subordinated Notes
Comtex
LIBERTY LAKE, Wash., Oct 01, 2008 (BUSINESS WIRE) ----Itron, Inc. (NASDAQ:ITRI), today released information regarding its 2.50% Convertible Senior Subordinated Notes Due 2026 ("Notes").
According to their terms, the Notes are convertible into cash and common stock when the closing price of Itron common stock exceeds $78.19, which is one hundred and twenty percent (120%) of the conversion price of $65.16, for 20 or more trading days in a period of 30 consecutive trading days prior to the end of a quarter. The Notes may be surrendered for conversion during any business day prior to the last trading day of the quarter ended December 31, 2008. The conversion feature became effective October 1, 2008.
In order to convert the Notes, a Holder must (1)complete and sign the Conversion Notice, with appropriate signature guarantee, on the back of the Note, (2)surrender the Notes to a Conversion Agent, (3)furnish appropriate endorsements and transfer documents if required by the Registrar or Conversion Agent, (4)pay the amount of interest, if any, the Holder must pay as described below, and (5)pay any tax or duty if required pursuant to the Indenture. A Holder may convert a portion of a Note if the portion is $1,000 principal amount or an integral multiple of $1,000 principal amount.
If a Holder surrenders a Note for a conversion after the close of business on the record date for the payment of an installment of interest and prior to the related interest payment date, such Security, when surrendered for conversion, must be accompanied by payment of an amount equal to the interest thereon which the registered Holder at the close of business on such record date is to receive (other than overdue interest, if any, that has accrued on such Note).
The name and address of the Conversion Agent is:
Deutsche Bank Trust Company Americas
Attn: Trust & Securities Services
60 Wall Street, 27th Floor
Mail Stop: NYC60-2710
New York, NY 10005
The notes have been convertible since April 1, 2008 and we continue to believe it is highly unlikely thatholders would choose to convert the Notesbecause the market value of the Notes exceedstheamount that holders would receive upon conversion.
Details related to the Notes and conversion information is also available on Itron's website at: http://www.itron.com/convertiblenotes.
About Itron:
Itron is a leading technology provider and critical source of knowledge to the global energy and water industries. Itron operates in two divisions; as Itron in North America and as Actaris outside of North America. Our company is the world's leading provider of metering, data collection and software solutions, with nearly 8,000 utilities worldwide relying on our technology to optimize the delivery and use of energy and water. Itron delivers industry-leading solutions for electricity, gas and water utilities by offering meters; data collection and communication systems, including automated meter reading (AMR) and advanced metering infrastructure (AMI); meter data management and utility software applications; as well as comprehensive project management, installation and consulting services. To know more, start here: www.itron.com.
SOURCE: Itron, Inc.
Itron, Inc. Vice President, Investor Relations and Corporate Communications Deloris Duquette, 509-891-3523 deloris.duquette@itron.com
Copyright Business Wire 2008
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Some mutual funds want you to pay for the privilege of them (or your investment adviser) taking your money to invest. It's called a load, and it works like a cover charge to get into a nightclub. Luckily, there are such things as no-load funds. As the name implies, shares of these funds are sold without a fee paid to a broker or investment advisor.
The entire amount you invest in no-load funds goes to work for your returns. On the other hand, with load funds, right off the bat you're charged commission (not to mention other fees incurred over the life of the investment). Let's say, for example, you invest $25,000 into a load fund that charges a 5% commission. This costs you $1,250 off the top, bringing your actual investment down to only $23,750.
The often-cited horse race analogy argues against investing in load funds. Here's the logic behind it: Would you place a bet on a horse that had to start a race 200 yards behind the others? Well, maybe you would if you got a tip from a sketchy, trench coat-clad man in a dark alley. However, under most circumstances, it's not smart to put your money on that handicapped horse.
But some argue that at times that man in the trench coat (aka your broker) knows more about the horses than you do, and has a better shot at picking a winner. Also, sometimes these fees are unavoidable because some funds are available only through investment advisers.
Cost-benefit analysis can help determine when a load fund is worth it (in other words, when it will score you a load) and when it is better to "do it yourself" and avoid the fees. Load-fund fees range depending on share class and can cover a variety of costs, such as paper work and fund management.
