Itron, Inc. (ITRI) increased its multicurrency revolving line of credit by adding $125 million under the current credit facility. The addition expanded the company’s revolving line of credit to $240 million from $115 million and also increased the number of participating banks to ten from four. However, the loan agreement was not revised.
Maturity of multicurrency revolving line of credit is six years from the date of issuance. The credit facility is secured by considerably all of the assets of Itron, Inc. and U.S. domestic operating subsidiaries. If the company plans to further increase the current revolving line of credit, the lenders may choose to increase their level of participation or approve the participation of additional creditors.
As of the end of the first quarter of 2010, there were no outstanding borrowings under the revolving line of credit and $34.8 million was used by outstanding standby letters of credit. Following the expansion in its credit facility, Itron will be able to increase its flexibility and liquidity for general corporate purposes.
Itron is a leading technology provider of products and services for the energy and water industries. The company’s products include electricity, gas, water and heat meters, data collection and communication systems, comprising automated meter reading (AMR) and advanced metering infrastructure (AMI); meter data management and related software applications; as well as project management, installation, and consulting services.
Itron is currently rated as Zacks #3 Rank (Hold), implying that the stock is expected to perform in line with the broader U.S. equity market over the next one to three months. This is supported by our Neutral recommendation, which implies that Itron shares are expected to perform in line with the overall U.S. equity market over the next six to twelve months. Therefore, we advise investors to retain the stock over this time period.
Read the full analyst report on "ITRI"
Zacks Investment Research
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As of the end of the first quarter of 2010, there were no outstanding borrowings under the revolving line of credit and $34.8 million was used by outstanding standby letters of credit. Following the expansion in its credit facility, Itron will be able to increase its flexibility and liquidity for general corporate purposes.
Itron is a leading technology provider of products and services for the energy and water industries. The company’s products include electricity, gas, water and heat meters, data collection and communication systems, comprising automated meter reading (AMR) and advanced metering infrastructure (AMI); meter data management and related software applications; as well as project management, installation, and consulting services.
Itron is currently rated as Zacks #3 Rank (Hold), implying that the stock is expected to perform in line with the broader U.S. equity market over the next one to three months. This is supported by our Neutral recommendation, which implies that Itron shares are expected to perform in line with the overall U.S. equity market over the next six to twelve months. Therefore, we advise investors to retain the stock over this time period.
Read the full analyst report on "ITRI"
Zacks Investment Research
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