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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.
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.