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ITC Holdings to offer tap of 4.95% notes due 2027, new 2033 notes
By William Gullotti
Buffalo, N.Y., May 17 – ITC Holdings Corp., a subsidiary of Fortis Inc., intends to offer a tap of its 4.95% senior notes due 2027 and privately offer a new series of senior notes due 2033, according to a press release on Wednesday.
The planned tap of 2027 notes will be combined with the initial $600 million of the 4.95% notes issued Sept. 22, 2022 and treated as a single series.
No further details regarding the private offering of 2033 notes were included in the press release.
Proceeds from the Rule 144A and Regulation S offering will be used to redeem in full $250 million of ITC's 4.05% senior notes due July 1, 2023, to repay outstanding debt under ITC's term loan credit agreement, 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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