News & Events

Simpson Thacher recently represented ITC Holdings Corp. (“ITC Holdings”) in connection with its registered offering of $400 million aggregate principal amount of its 3.65% Senior Notes due 2024.  ITC Holdings intends to use a portion of the net proceeds from this offering to repay borrowings under its revolving credit agreement used to purchase the 5.875% senior notes due 2016 and 6.375% senior notes due 2036 that were validly tendered pursuant to a tender offer which closed on June 2, 2014.  ITC Holdings will use the remaining net proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness.

ITC Holdings is the nation’s largest independent electric transmission company. ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC’s regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Co., ITC Midwest and ITC Great Plains.

The Simpson Thacher team for the ITC Holdings transaction included Risë Norman, Tadashi Okamoto, Karen Wang, Andrew Edelen and Jessica Garcia (Capital Markets), Chang Won Choi and Michael Cardella (Tax), Brittany McCants (Executive Compensation and Employee Benefits), Adeeb Fadil and Noreen Lavan (Environmental) and Krista McManus (Real Estate).