NOVI, Mich., Nov. 9, 2017
/PRNewswire/ -- ITC Holdings Corp. ("ITC"), a subsidiary of
Fortis Inc. (TSX/NYSE:FTS), today announced it has commenced a
private offering of senior unsecured notes in two tranches of
senior unsecured notes due 2022 (the "2022 notes") and senior
unsecured notes due 2027 (the "2027 notes" and, together with the
2022 notes, the "notes").
ITC intends to use the net proceeds from this offering to redeem
in full $385.0 million aggregate
principal amount of ITC's 6.050% Senior Notes due January 31,
2018, and to pay the associated call premiums, to repay
indebtedness outstanding under ITC's term loan credit agreement,
revolving credit agreement and commercial paper program, and for
general corporate purposes. Completion of the offering is subject
to, among other things, pricing and market conditions.
The notes will be offered in the
United States only to persons reasonably believed to be
qualified institutional buyers in accordance with Rule 144A under
the Securities Act of 1933, as amended (the "Securities Act"), and
to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S
under the Securities Act. The initial issuance and sale of the
notes will not be registered under the Securities Act or the
securities laws of any other jurisdiction, and the notes may not be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable
securities laws of any other jurisdiction. ITC has agreed to
file a registration statement with the Securities and Exchange
Commission (the "SEC") pursuant to which ITC will either offer to
exchange the notes for substantially similar registered notes or
register the resale of the notes. This press release does not
and will not constitute an offer to sell any of the notes or the
solicitation of an offer to buy any of the notes described herein
or any other securities, nor shall there be any sale of the notes
in any jurisdiction in which such offer, solicitation or sale would
be unlawful. This press release does not constitute a notice
of redemption with respect to ITC's 6.050% Senior Notes due
January 31, 2018, intended to be redeemed with the net
proceeds of the offering.
About ITC Holdings Corp.
ITC is the largest
independent electricity transmission company in the United States. Based in Novi, Michigan, ITC invests in the electric
transmission grid to improve reliability, expand access to markets,
allow new generating resources to interconnect to its transmission
systems and lower the overall cost of delivered energy. Through its
regulated operating subsidiaries ITCTransmission, Michigan
Electric Transmission Company, ITC Midwest and ITC Great Plains,
ITC owns and operates high-voltage transmission infrastructure in
Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, and in development in Wisconsin. These systems serve a combined peak
load exceeding 26,000 megawatts along approximately 15,800 circuit
miles of transmission line, supported by 660 employees and
nearly 1,000 contractors across our expanding footprint. ITC's grid
development focus includes growth through regulated infrastructure
investment as well as domestic and international expansion through
merchant and other commercial development opportunities. For
further information visit www.itc-holdings.com. ITC is a subsidiary
of Fortis Inc. (TSX/NYSE:FTS), a leader in the North American
regulated electric and gas utility industry. For further
information visit www.fortisinc.com.
Safe Harbor Statement
This press release contains
certain statements that describe our management's beliefs
concerning future business conditions, plans and prospects, growth
opportunities and the outlook for our business and the electric
transmission industry based upon information currently
available. Such statements are "forward-looking" statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Wherever possible, we have identified these
forward-looking statements by words such as "will," "may,"
"anticipates," "believes," "intends," "estimates," "expects,"
"projects" and similar phrases. These forward-looking
statements are based upon assumptions our management believes are
reasonable. Such forward-looking statements are subject to
risks and uncertainties which could cause our actual results,
performance and achievements to differ materially from those
expressed in, or implied by, these statements, including, among
others, the risks and uncertainties disclosed in our annual reports
on Form 10-K, quarterly reports on Form 10-Q and other filings made
with the SEC from time to time. There can be no assurance
that the offering will be completed. ITC assumes no
obligation to update any forward-looking statements.
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SOURCE ITC Holdings Corp.