Simpson Thacher recently represented International Transmission Company (“ITCTransmission”), a wholly owned subsidiary of ITC Holdings Corp. (“ITC”), in connection with ITCTransmission’s issuance of $75 million aggregate principal amount of its 3.3% First Mortgage Bonds, Series H, due 2049 in a private placement. The offering closed on August 28, 2019.
ITC is the largest independent electricity transmission company in the United States. Based in Novi, Michigan, ITC 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 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 for the transaction included Risë Norman, Clark Warthen and Crystal Oparaeke (Capital Markets); Adeeb Fadil and Noreen Lavan (Environmental); Jeanne Annarumma (Executive Compensation and Employee Benefits); Krista McManus (Real Estate); and Nicole Humphrey and Jacqueline Clinton (Tax).