ITC sets Dec. 14 redemption date for 6.05% senior notes due 2018

By Wendy Van Sickle

Columbus, Ohio, Nov. 15 – ITC Holdings Corp. set Dec. 14 as the date it will redeem in full its $385 million of 6.05% senior notes due Jan. 31, 2018, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at par plus a make-whole premium and accrued interest using some proceeds from $500 million of new 2.7% five-year notes and $500 million of new 3.35% 10-year notes, which were issued on Tuesday.

Proceeds from the new issues will also be used to repay outstanding debt under the company’s term loan, revolving credit agreement and commercial paper program and for general corporate purposes, as previously reported.

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

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