Simpson Thacher recently represented ITC Holdings Corp. (“ITC Holdings”) in connection with its Rule 144A/Regulation S offering of $600 million aggregate principal amount of its 4.95% Senior Notes due 2027. ITC Holdings intends to use the net proceeds from this offering to redeem its 2.7% Senior Notes due 2022, to pay the associated call premium, with the remainder to repay indebtedness outstanding under its 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, ultimately connecting consumers to more sustainable and cost-effective energy resources. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC Holdings owns and operates high-voltage electric transmission infrastructure in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, with infrastructure in development in Wisconsin.
The Simpson Thacher team included Risë Norman and Siak Yong Goh (Capital Markets); Jonathan Cantor and Lina Pan (Tax); Jeanne Annarumma (Executive Compensation and Employee Benefits); Toby Chun and Noreen Lavan (Environmental); Krista McManus (Real Estate); and Jessica Cohen and Rachelle Broida (Intellectual Property).