ITC Great Plains Completes $150 Million Inaugural Mortgage Bond Offering
12.10.14
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Simpson Thacher recently represented ITC Great Plains, LLC (“ITC Great Plains”), a subsidiary of ITC Grid Development, LLC, which is a wholly owned subsidiary of ITC Holdings Corp. (“ITC Holdings”), in connection with its private placement of $150 million aggregate principal amount of its 4.16% First Mortgage Bonds, Series A, due 2044. The offering closed on November 26, 2014.
ITC Holdings is the largest independent electric transmission company in the United States. ITC Great Plains focuses on building a more robust electric transmission system to provide non-discriminatory access to reliable and low-cost energy. It operates approximately 190 circuit miles of transmission lines in Kansas and Oklahoma.
The Simpson Thacher team for the transaction included Risë Norman, Benjamin Wells and Leah Nudelman (Capital Markets); Sophie Staples (Tax); Paul Koppel and Brittany McCants (Executive Compensation and Employee Benefits); Noreen Lavan (Environmental); and Krista McManus (Real Estate).