NOVI, Mich., June 29, 2016
/PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) today
announced that it has priced an underwritten public offering of
$400.0 million aggregate
principal amount of its 3.25% senior unsecured notes due 2026 (the
"notes"). The offering is expected to close on July 5, 2016,
subject to customary closing conditions.
The net proceeds from this offering will be used to repay
indebtedness outstanding under ITC's 2013 Term Loan Credit
Agreement, due on September 30, 2016, with the remainder to
repay indebtedness outstanding under its commercial paper program
dated June 8, 2015.
BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities are
acting as joint book-running managers for the offering.
The securities are being offered pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission, and a preliminary prospectus supplement and
accompanying prospectus filed with the Securities and Exchange
Commission as part of the shelf registration statement.
Interested parties should read the preliminary prospectus
supplement for this offering, the prospectus in the registration
statement and the other documents that ITC has filed with the
Securities and Exchange Commission that are incorporated by
reference into the preliminary prospectus supplement for more
complete information about ITC and this offering. Copies of
the preliminary prospectus supplement and the accompanying
prospectus related to the offering may be obtained by calling J.P.
Morgan Securities LLC collect at (212) 834-4533, Merrill Lynch,
Pierce, Fenner & Smith Incorporated toll free at (800) 294-1322
or Wells Fargo Securities, LLC toll free at (800) 645-3751. A copy
of these documents may also be obtained by visiting EDGAR on the
SEC website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes described herein or any
other securities, nor shall there be any sale of these notes in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful.
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) is the nation's largest
independent electric transmission company. Based in Novi, Michigan, 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. ITC's grid development focus includes growth
through regulated infrastructure investment as well as domestic and
international expansion through merchant and other commercial
development opportunities. (ITC-itc-F).
Safe Harbor Statement
This press release contains certain statements that describe our
management's beliefs concerning future business conditions, plans
and prospects, growth opportunities and the outlook for our
business and the electricity transmission industry based upon
information currently available. Such statements are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Wherever possible, we
have identified these forward-looking statements by words such as
"will," "may," "anticipates," "believes," "intends," "estimates,"
"expects," "projects" and similar phrases. These forward-looking
statements are based upon assumptions our management believes are
reasonable. Such forward looking statements are subject to risks
and uncertainties which could cause our actual results, performance
and achievements to differ materially from those expressed in, or
implied by, these statements, including, among others, (a) the
risks and uncertainties disclosed in our annual reports on Form
10-K, quarterly reports on Form 10-Q and other filings made with
the Securities and Exchange Commission from time to time, and
(b) the risk factors disclosed by us in the preliminary
prospectus supplement for this offering. There can be no
assurance that the offering will be completed. The Company assumes
no obligation to update any forward-looking statements.
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SOURCE ITC Holdings Corp.