By Cristal Cody
Eureka Springs, Ark., June 29 – ITC Holdings Corp. sold $400 million of 3.25% 10-year senior notes on Wednesday with a spread of 180 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB+) priced at 99.865 to yield 3.266%.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC and Deutsche Bank Securities Inc. were the bookrunners.
Proceeds will be used to repay outstanding debt under the company’s 2013 term loan credit agreement due on Sept. 30, 2016 and its commercial paper program dated June 8, 2015.
ITC is an electricity transmission company based in Novi, Mich.
| Issuer: | ITC Holdings Corp.
|
| Amount: | $400 million
|
| Maturity: | June 30, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, Deutsche Bank Securities Inc.
|
| Coupon: | 3.25%
|
| Price: | 99.865
|
| Yield: | 3.266%
|
| Spread: | Treasuries plus 180 bps
|
| Call feature: | Make-whole call any time before three months prior to maturity at Treasuries plus 30 bps; on or after March 30, 2026 at par
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
