Deal action heavy; ITC, Duke, Entergy, Interstate Power, CNH, Brandywine, Buckeye price bonds

By Cristal Cody

Tupelo, Miss., Nov. 9 – Issuers flooded the high-grade primary market during Thursday’s session.

Borrowers including ITC Holdings Corp., Alexandria Real Estate Equities, Inc., Duke Energy Carolinas LLC, Entergy Mississippi, Inc., Interstate Power and Light Co., CNH Industrial NV, Brandywine Operating Partnership, LP, Buckeye Partners, LP, American Financial Group, Inc. and United Parcel Service, Inc. priced bonds.

The Markit CDX North American Investment Grade 29 index eased about 1 basis point to a spread of 56 bps.

ITC Holdings (Baa2/A-/) priced $1 billion of senior notes in two tranches due 2022 and 2027 on Thursday, according to a company news release.

The company sold $500 million of 2.7% five-year notes and $500 million of 3.35% 10-year notes.

Additional pricing details were not immediately available.

Proceeds from the private Rule 144A and Regulation S offering will be used to fully redeem ITC’s $385 million of 6.05% senior notes due Jan. 31, 2018, to repay outstanding debt under the company’s term loan, revolving credit agreement and commercial paper program and for general corporate purposes.

ITC is an electricity transmission company based in Novi, Mich.

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