The Firm recently represented ITC Midwest LLC ("ITC Midwest"), a wholly-owned subsidiary of ITC Holdings Corp. (“ITC”), in ITC Midwest’s issuance of $100,000,000 aggregate principal amount of 3.50% First Mortgage Bonds, Series E due 2027 (the "Bonds"), in a private placement.
ITC Holdings Corp. invests in the electricity transmission grid to improve electric reliability, improve access to markets and lower the overall cost of delivered energy. ITC is the largest independent electricity transmission company in the country. Through its subsidiaries, ITCTransmission, Michigan Electric Transmission Company (METC) and ITC Midwest, ITC operates regulated, high-voltage transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois and Missouri, serving a combined peak load in excess of 25,000 megawatts. ITC is also focused on new areas where significant transmission system improvements are needed through subsidiaries ITC Grid Development, ITC Great Plains and ITC Panhandle Transmission.
The Simpson Thacher team for the transaction included Risë Norman, Benjamin Wells and Adam Glenn (Capital Markets); Adeeb R. Fadil and Noreen Lavan (Environmental), Krista McManus (Real Estate); Christian L. Miller (Tax); Gregory T. Grogan and Douglas Tang (Executive Compensation and Employee Benefits).