SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 26, 1999
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(Date of Report)
ITRON, INC.
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(Exact Name of Registrant as Specified in Charter)
Washington 0-22418 911011792
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(State or Other Jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
2818 N. Sullivan Road, Spokane, WA 99216
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(Address of Principal Executive Offices) (Zip Code)
(509) 924-9900
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(Registrant's Telephone Number, Including Area Code)
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Draft Disclosure for 8-K
Item 5. Other Events
New Bank Line Completed
On January 19, 2000, the Company signed a credit agreement with General
Electric Capital Corporation for a new four year revolving line of credit to
replace its previous revolving line of credit with two banks, which would have
expired on January 31, 2000. The agreement is for a revolving facility with a
maximum availability of $35 million, the same as with the previous loan
facility. The approximately $9.7 million outstanding under the prior facility,
which included $ 6.4 million in letters of credit, was repaid with borrowings
under the new facility. The maximum amount of borrowings available under the new
facility is based on the amount of accounts receivable, inventory and certain
outsourcing equipment. Borrowings are secured by accounts receivable, inventory,
cash receipts and outsourcing assets not otherwise separately financed. Interest
rates charged are comparable to those under the previous facility, depending on
the form of borrowing, and vary based upon published rates and the financial
performance of the Company after 2000. Additionally, an annual commitment fee of
.0375% is required on the unused portion of the available balance of the
revolving line. The agreement contains financial covenants that require the
Company to equal or exceed certain minimum EBITDA and fixed charge coverage
ratio levels as of the end of each quarter. Subject to established limits, the
new revolving credit facility allows the line to be used for the repurchase of
long-term debt and equity securities, and investments in outsourcing projects.
