This Day On The Street
Continue to site
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

ITCTransmission Prices $285 Million Bond Offering

NOVI, Mich., Aug. 7, 2013 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) today announced that International Transmission Company ("ITC Transmission"), a wholly-owned subsidiary, has priced $285 million of 4.625% first mortgage bonds which will mature on August 15, 2043 in an offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.

ITC Transmission expects to use the net proceeds from the offering, together with revolver borrowings, to repay the $185 million outstanding ITC Transmission term loan credit agreement due July 14, 2014 and the $100 million owed to ITC under an intercompany advance agreement.  The offering is expected to close on August 14, 2013, subject to customary closing conditions.

The bonds have not been registered under the Securities Act or the securities laws of any other jurisdiction. Unless they are registered, the bonds may be offered only in transactions that are exempt from, or not subject to, the registration requirements of the Securities Act or the securities laws of any other applicable jurisdiction. Accordingly, the bonds are being offered and sold only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in accordance with Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. ITC Transmission intends (but is not required) to remove the Rule 144A restrictive legend on the bonds on or shortly following the first anniversary of the date the bonds are delivered to the initial purchasers or, if later, the time that the bonds become freely tradable pursuant to Rule 144 under the Securities Act without volume restrictions by holders other than our affiliates.

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 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs