ITC Holdings plans to repay term loan debt via senior notes proceeds

By Wendy Van Sickle

Columbus, Ohio, June 29 – ITC Holdings Corp. plans to repay debt under its term loan credit agreement dated Dec. 20, 2013 with some proceeds of an offering of senior notes due 2026, according to a 424B5 filing with the Securities and Exchange Commission.

The term loan is due Sept. 30. Remaining proceeds will be used to repay debt outstanding under ITC’s commercial paper program dated June 8, 2015.

ITC said that as of March 31 it had about $4.56 billion of consolidated debt on an actual basis, including $361 million in term loan debt, $307 million in commercial paper debt, $232.8 million in revolving credit agreement debt and $3.65 billion of consolidated indebtedness under various debt securities.

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

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