NOVI,
Mich., Sept. 8, 2022 /PRNewswire/ -- ITC Holdings
Corp. ("ITC"), a subsidiary of Fortis Inc., today announced that it
has priced a previously announced private offering of $600 million aggregate principal amount of its
4.950% senior unsecured notes due 2027 (the "notes"). The offering
is expected to close on September 22,
2022, subject to the satisfaction of customary closing
conditions.
ITC intends to use the net proceeds from this offering to redeem
in full $500 million aggregate
principal amount of its 2.700% Senior Notes due November 15, 2022, to pay the associated call
premium, with the remainder to repay indebtedness outstanding under
its revolving credit facility and its commercial paper program, and
for general corporate purposes.
The notes are being offered in the
United States only to persons reasonably believed to be
qualified institutional buyers in accordance with Rule 144A under
the Securities Act of 1933, as amended (the "Securities Act"), and
to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S
under the Securities Act. The notes have not, and will not be
registered under the Securities Act, or the securities laws of any
other jurisdiction, and the notes may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable securities laws
of any other jurisdiction. This press release does not and
will not constitute an offer to sell any of the notes or the
solicitation of an offer to buy any of the notes described herein
or any other securities, nor shall there be any sale of the notes
in any jurisdiction in which such offer, solicitation or sale would
be unlawful.
About ITC Holdings Corp.
ITC Holdings Corp. is the
largest independent electricity transmission company in
the United States. ITC provides
transmission grid solutions to improve reliability, expand access
to markets, allow new generating resources to interconnect to its
systems and lower the overall cost of delivered energy. Through its
regulated operating subsidiaries ITCTransmission, Michigan Electric
Transmission Company, ITC Midwest and ITC Great Plains, ITC owns
and operates high-voltage transmission infrastructure in
Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, and in development in Wisconsin. These systems serve a combined peak
load exceeding 26,000 megawatts along 16,000 circuit miles of
transmission line, supported by 700 employees and 1,000
contractors. ITC is based in Novi,
Michigan. For further information visit
www.itc-holdings.com. ITC is a subsidiary of Fortis Inc., a leader
in the North American regulated electric and gas utility industry.
None of the information on ITC's or Fortis Inc.'s websites is
incorporated into, or forms a part of, this press release.
Safe Harbor Statement
This press release contains
certain statements that describe our management's beliefs
concerning future business conditions, plans and prospects, growth
opportunities and the outlook for our business and the electric
transmission industry based upon information currently
available. Such statements are "forward-looking" statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Wherever possible, we have identified these
forward-looking statements by words such as "will," "may,"
"anticipates," "believes," "intends," "estimates," "forecasts,"
"forecasted," "expects," "projects," "likely," "plans" and similar
phrases. These forward-looking statements are based upon
assumptions our management believes are reasonable. Such
forward-looking statements are based on estimates and assumptions
and subject to significant risks and uncertainties which could
cause our actual results, performance and achievements to differ
materially from those expressed in, or implied by, these
statements, including, among others, the risks and uncertainties
disclosed in our annual reports on Form 10-K, quarterly reports on
Form 10-Q and other filings made with the SEC from time to
time. There can be no assurance that the offering will be
completed. ITC assumes no obligation to update any
forward-looking statements.
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SOURCE ITC Holdings Corp.
