NOVI, Mich., Aug. 17, 2016
/PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) announced today
that its board of directors declared a quarterly cash dividend of
$0.2155 per share, an increase of
approximately 15 percent from the previous quarterly rate of
$0.1875 per share. This
represents the eleventh consecutive year that ITC has raised the
dividend rate on its common stock.
The quarterly cash dividend is payable on September 15, 2016 to shareholders of record on
September 1, 2016.
"We are very pleased with today's announcement as we continue to
deliver on our commitments to shareholders while concurrently
focusing on the transaction with Fortis," said Joseph L. Welch, chairman, president and CEO.
"This increase aligns with our dividend policy as well as the terms
of the merger agreement with Fortis."
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. For more information, please visit ITC's
website at www.itc-holdings.com. (ITC-itc-F)
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SOURCE ITC Holdings Corp.