Simpson Thacher recently represented ITC Holdings Corp. (“ITC Holdings”) in connection with its Rule 144A/Regulation S offering of $500 million aggregate principal amount of its 2.7% Senior Notes due 2022 and $500 million aggregate principal amount of its 3.35% Senior Notes due 2027. ITC Holdings intends to use the net proceeds from this offering to redeem in full $385 million aggregate principal amount of its 6.05% Senior Notes, to pay the associated call premiums, to repay indebtedness outstanding under its Term Loan Credit Agreement, its Revolving Credit Agreement and its commercial paper program, and for general corporate purposes.
ITC Holdings is the largest independent electricity transmission company in the United States. Based in Novi, Michigan, ITC Holdings invests in the electric transmission grid to improve reliability, expand access to markets, allow new generating resources to interconnect to its transmission systems and lower the overall cost of delivered energy. 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 and Oklahoma, and in development in Wisconsin.
The Simpson Thacher team included Risë Norman, Rodrigo Surcan dos Santos and Lily Picón (Capital Markets); Pierce Pandolph (Tax); Jeanne Annarumma and Jason Fixelle (Executive Compensation and Employee Benefits); Adeeb Fadil and Noreen Lavan (Environmental); and Krista McManus (Real Estate).