Simpson Thacher recently represented ITC Holdings Corp. (“ITC Holdings”) in connection with its Rule 144A/Regulation S offering of $400 million aggregate principal amount of its 5.650% Senior Notes due 2034. ITC Holdings intends to use the net proceeds from this offering to partially redeem $400 million aggregate principal amount of its 3.65% Senior Notes due June 15, 2024 and for general corporate purposes.
ITC Holdings is the largest independent electricity transmission company in the United States. ITC Holdings provides transmission grid solutions to improve reliability, expand access to markets, allow new generating resources to interconnect to its systems, and lower the overall cost of delivered energy, ultimately connecting consumers to more sustainable and cost-effective energy resources. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC Holdings owns and operates high-voltage transmission infrastructure in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma and Wisconsin.
The Simpson Thacher team included Risë Norman, Asha Amin and Zach Guttman (Capital Markets); Jonathan Cantor (Tax); Jeanne Annarumma (Executive Compensation and Employee Benefits); Krista McManus (Real Estate); Eli Isak (Banking and Credit); and Ron Ben-Yehuda, Kate Mirino and Celeste Fleetwood (Intellectual Property).