By Wendy Van Sickle
Columbus, Ohio, May 17 – ITC Holdings Corp., a subsidiary of Fortis Inc., priced a $300 million tap of its 4.95% senior notes due 2027 and $500 million of new 5.4% senior notes due 2033, according to a press release on Wednesday.
The 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.
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.
| Issuer: | ITC Holdings Corp.
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| Amount: | $800 million
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| Issue: | Senior notes
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| Trade date: | May 17
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| Settlement date: | June 1
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| Distribution: | Rule 144A and Regulation S
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| 2027 add-on
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| Amount: | $300 million
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| Maturity: | 2027
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| Coupon: | 4.95%
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| Prior issuance: | $600 million on Sept. 22, 2022
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|
|
| 2033 new notes
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| Amount: | $500 million
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| Maturity: | 2033
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| Coupon: | 5.4%
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