ITC to redeem 6.05% senior notes, repay facilities via new offering

By Sarah Lizee

Olympia, Wash., Nov. 9 – ITC Holdings Corp. intends to redeem in full its $385 million of 6.05% senior notes due Jan. 31, 2018 and to repay debt under its term loan credit agreement, revolving credit agreement and commercial paper program using proceeds from a new issue, according to a press release.

The company said on Thursday that it plans to offer fixed-rate senior notes in two tranches due 2022 and 2027.

Proceeds from the issue will also be used for general corporate purposes.

ITC is an electricity transmission company based in Novi, Mich.

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