E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 5/11/2020 in the Prospect News Investment Grade Daily.

New Issue: ITC Holdings prices upsized $700 million of 2.95% 10-year notes at 225 bps spread

By Cristal Cody

Tupelo, Miss., May 11 – ITC Holdings Corp. (Baa2/BBB+) priced an upsized $700 million of 2.95% 10-year senior notes on Monday at a spread of Treasuries plus 225 basis points, according to a market source.

Initial price talk was in the Treasuries plus 250 bps area.

The deal was upsized from $500 million.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA Inc. and TD Securities (USA) LLC were the bookrunners of the Rule 144A and Regulation S offering.

Proceeds will be used to repay debt outstanding under ITC's term loan credit agreement, revolving credit facility and commercial paper program and for general corporate purposes.

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

Issuer:ITC Holdings Corp.
Amount:$700 million
Maturity:May 14, 2030
Description:Senior notes
Bookrunners:Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA Inc. and TD Securities (USA) LLC
Coupon:2.95%
Spread:Treasuries plus 225 bps
Trade date:May 11
Ratings:Moody’s: Baa2
S&P: BBB+
Distribution:Rule 144A and Regulation S
Price guidance:Treasuries plus 250 bps area

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.