This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ITC Holdings Prices $550 Million Debt Offering

NOVI, Mich., June 26, 2013 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) today 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% senior notes due 2023 and $300 million aggregate principal amount of 5.30% 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% 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. 

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 Morgan Stanley toll free at (866) 718-1649, Credit Suisse toll free at (800) 221-1037, Deutsche Bank Securities toll free at (800) 503-4611, Wells Fargo Securities toll free at (800) 221-1037, Barclays toll free at (888) 603-5847 and J.P. Morgan collect at (212) 834-4533. 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 securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs