May 29, 2009 (FinancialWire) — Itron, Inc. (NASDAQ: ITRI) said it is offering 2.75 million shares of its common stock under an underwriting agreement, with Canaccord Adams acting as the lead, book-running manager and Stephens Inc. acting as co-manager.

The company said it plans to use around $125 million of the net proceeds from the sale of the shares to repay a portion of our outstanding non-convertible debt and the remainder for general corporate purposes.

The closing of the offering is scheduled to occur on or about June 3. Itron has granted the underwriters a 30-day option to purchase up to an additional 412,500 shares of common stock to cover over-allotments.

Liberty Lake, Washington-based Itron is a provider of intelligent metering, data collection and utility software solutions to energy and water utilities.

The company’s products include electricity, gas, water and heat meters, data collection and communication systems, including automated meter reading and advanced metering infrastructure, meter data management and related software applications, as well as project management, installation and consulting services.

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