Electric Transmission Texas closes $225 million private placement

By Lisa Kerner

Charlotte, N.C., Feb. 26 - Electric Transmission Texas LLC said it closed $225 million of senior unsecured notes in its inaugural debt private placement.

The company will use the funds to repay debt drawn on its credit facility as well as for capital expenditures and general corporate purposes, according to an Electric Transmission news release.

"This is an excellent outcome as it fulfils our strategic objective of diversifying the sources of debt, as well as substantially lengthening the average tenure of our debt at historically attractive interest rates," ETT president Calvin Crowder said in the release.

ETT acquires, constructs, owns and operates transmission facilities within the Electric Reliability Council of Texas. It is a joint venture between Columbus, Ohio-based American Electric Power and MidAmerican Energy Holdings Co., located in Des Moines, Iowa.

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