Itron approves $40-45M restructuring plan; expects $14-17M annual savings

ITRON, INC.

Board approved 2023 Projects restructuring plan on Feb 23, 2023; estimated pre-tax charges of $40-45M, ~95% cash.
Majority of charges expected in Q1 2023; projects substantially complete by early 2025.
Annualized savings estimated at $14-17M once substantially completed.
Credit agreement amended to allow addback of up to $40M in non-recurring cash restructuring expenses in Q1 2023 for EBITDA.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ITRON, INC. amended Amendment No. 6 to Credit Agreement with Wells Fargo Bank, National Association, as administrative agent valued at $40 million (effective 2023-02-21).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent
Value: $40 million
Effective: 2023-02-21

Exact text from the filing

On February 21, 2023, Itron, Inc. (Itron) entered into Amendment No. 6 to Credit Agreement (the Amendment), which amends Iton's Second Amended and Restated Credit Agreement, dated as of January 5, 2018 (as amended, the Credit Agreement), among Itron, as borrower, the lenders from time to time thereto and Wells Fargo Bank, National Association, as administrative agent (the Administrative Agent).

View on SEC.gov

38 material agreements filed in the last 30 days. Browse all material agreements →

ITRON, INC. filing history →

Source: SEC EDGAR

accession 0001157523-23-000359

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.