ITC Holdings Completes $700 Million Senior Notes Offering
05.15.20
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Simpson Thacher recently represented ITC Holdings Corp. (“ITC Holdings”) in connection with its Rule 144A/Regulation S offering of $700 million aggregate principal amount of its 2.95% Senior Notes due 2030. ITC Holdings intends to use the net proceeds from this offering to repay indebtedness outstanding under its term loan credit agreement, revolving credit facility and commercial paper program, and for general corporate purposes.
ITC Holdings is the largest independent electricity transmission company in the United States. ITC Holdings provides transmission grid solutions to improve reliability, expand access to markets, allow new generating resources to interconnect to its 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, Sung Bum Cho and Hyo Min Kim (Capital Markets); Jon Cantor and Nicole Humphrey (Tax); Jeanne Annarumma (Executive Compensation and Employee Benefits); Adeeb Fadil and Noreen Lavan (Environmental); Krista McManus (Real Estate); and Melanie Jolson (Intellectual Property).