By Cristal Cody
Tupelo, Miss., Nov. 9 – ITC Holdings Corp. (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 redeem in full 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.
Issuer: | ITC Holdings Corp.
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Amount: | $1 billion
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Description: | Senior notes
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Trade date: | Nov. 9
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Settlement date: | Nov. 14
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Ratings: | Moody’s: Baa2
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| S&P: A-
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Distribution: | Rule 144A, Regulation S
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Five-year notes
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Amount: | $500 million
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Maturity: | 2022
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Coupon: | 2.7%
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Ten-year notes
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Amount: | $500 million
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Maturity: | 2027
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Coupon: | 3.35%
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