ITC sells $200 million 4.16% bonds; Teledyne wraps €250 million notes

By Devika Patel

Knoxville, Tenn., April 19 – Wednesday saw two new private placements announced: Novi, Mich., electricity transmission company ITC Holdings Corp. wholly owned subsidiary ITC Midwest LLC issued $200 million of 4.16% series H first mortgage bonds due 2047 in a private placement on April 18 and Thousand Oaks, Calif.-based technology provider Teledyne Technologies Inc. reported that it settled a €250 million private placement of senior unsecured notes in four parts on Tuesday.

ITC Holdings

For ITC’s deal, interest is payable semiannually on the notes on April 18 and Oct. 18, beginning on Oct. 18, 2017.

The notes feature a make-whole call for a minimum of $5 million notes at Treasuries plus 50 basis points, with a par call after Oct. 18, 2046.

Teledyne

BofA Merrill Lynch is the agent.

The company sold a €50 million series A first-tranche note, which is due on April 18, 2022 and accrues interest at 0.7% per year.

Teledyne issued a €50 million series B second-tranche note, which is due on April 18, 2023 and accrues interest at 0.92% per year.

Also, a €50 million series C third-tranche note was sold, which is due on April 18, 2023 and accrues interest at 0.92% per year. These notes will be issued by Teledyne Netherlands NV.

Teledyne sold a €100 million series D fourth-tranche note, which is due on April 18, 2024 and accrues interest at 1.09% per year. These notes will be issued by Teledyne Netherlands NV.

Proceeds will be used to repay debt and for general corporate purposes.

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