NOVI,
Mich., May 17, 2023 /PRNewswire/ -- ITC Holdings
Corp. ("ITC"), a subsidiary of Fortis Inc., today announced that it
has commenced a private offering of senior unsecured notes
due 2033 (the "2033 notes") and 4.95% senior unsecured notes due
2027 (the "new 2027 notes", and together with the 2033 notes, the
"notes"). ITC's 4.95% senior notes due 2027 were previously
issued in an aggregate principal amount of $600 million on September
22, 2022 (the "existing 2027 notes"). The new 2027 notes and
the existing 2027 notes will be treated as the same series for all
purposes under the indenture that governs the existing 2027 notes
and that will govern the new 2027 notes.
ITC intends to use the net proceeds from this offering to redeem
in full $250 million aggregate
principal amount of its 4.05% Senior Notes due July 1, 2023, to repay indebtedness outstanding
under its commercial paper program and for general corporate
purposes. Completion of the offering is subject to, among other
things, pricing and market conditions.
The notes are expected to be 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, Oklahoma and 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.
For further information visit www.fortisinc.com. 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.
View original
content:https://www.prnewswire.com/news-releases/itc-holdings-corp-announces-offering-of-senior-notes-due-2033-and-follow-on-senior-notes-due-2027-301827340.html
SOURCE ITC Holdings Corp.
