Simpson Thacher recently represented ITC Holdings Corp. (“ITC Holdings”) in connection with its registered offering of $400 million aggregate principal amount of its 3.25% Notes due 2026. ITC Holdings intends to use the net proceeds from this offering to repay indebtedness outstanding under its 2013 Term Loan Credit Agreement, due on September 30, 2016, with the remainder to repay indebtedness under its commercial paper program dated June 8, 2015.
ITC Holdings (NYSE: ITC) 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. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,700 circuit miles of transmission line.
The Simpson Thacher team included Risë Norman, Rodrigo Surcan dos Santos and Todd Noelle (Capital Markets); Taylor Alexander (Tax); Paul Koppel (Executive Compensation and Employee Benefits); Adeeb Fadil and Noreen Lavan (Environmental); and Krista McManus (Real Estate).