ITC Holdings preps $400 million 10-year notes; pricing Wednesday

By Aleesia Forni

Virginia Beach, May 28 - ITC Holdings Corp. plans to price a $400 million offering of senior notes due 2024 on Wednesday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

Barclays, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Comerica Securities is the co-manager.

Proceeds will be used to repay borrowings under the company's revolving credit agreement, with remaining proceeds being used for general corporate purposes.

ITC Holdings was last in the U.S. bond market with $550 million of senior notes priced in two tranches on June 26, 2013.

The trade included $250 million of 4.05% 10-year notes priced at Treasuries plus 155 basis points and $300 million of 5.3% 30-year bonds priced at 175 bps over Treasuries.

The power transmission company is based in Novi, Mich.

© 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.