NOVI – ITC Holdings Corp. Wednesday announced that it has priced an underwritten public offering of $550 million aggregate principal amount of senior unsecured notes. The notes include $250 million aggregate principal amount of 4.05 percent senior notes due 2023 and $300 million aggregate principal amount of 5.30 percent senior notes due 2043.
ITC expects to use the net proceeds from the offering to repay existing indebtedness, including ITC Holdings’ $267 million aggregate principal amount of 5.25 percent Senior Notes due July 15, 2013, $200 million term loan entered into in 2012 and for general corporate purposes which may include the repayment of other indebtedness. The offering is expected to close on July 3, 2013, subject to customary closing conditions.
Morgan Stanley, Credit Suisse, Deutsche Bank Securities, Wells Fargo Securities, Barclays and J.P. Morgan 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.
