Simpson Thacher recently represented ITC Holdings Corp. (“ITC Holdings”) in connection with its Rule 144A/Regulation S offering of $500 million aggregate principal amount of its 4.875% Senior Notes due 2031 and $400 million aggregate principal amount of its 5.500% Senior Notes due 2036. ITC Holdings intends to use the net proceeds from this offering to fully redeem $400 million aggregate principal amount of its 3.25% Senior Notes due June 13, 2026, to repay indebtedness outstanding under its commercial paper program and for general corporate purposes.
ITC Holdings is the largest independent electricity transmission company in the United States. ITC Holdings 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, ultimately connecting consumers to more sustainable and cost-effective energy resources. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC Holdings owns and operates high-voltage transmission infrastructure in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma and Wisconsin.
The Simpson Thacher team included Mark Brod, Julie De Keukeleire and Cara Capoccitti (Capital Markets); Jonathan Cantor and Jemma Li (Tax); George Gerstein (Executive Compensation and Employee Benefits); Krista McManus (Real Estate); and Kate Mirino (Intellectual Property).