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
|
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