NOVI, Mich., Nov. 9, 2017
/PRNewswire/ -- ITC Holdings Corp. ("ITC"), a subsidiary of Fortis
Inc. (TSX/NYSE: FTS), today announced that it has priced a
previously announced private offering of $500.0 million aggregate principal amount of
its 2.700% senior unsecured notes due 2022 (the "2022 notes") and
$500.0 million aggregate
principal amount of its 3.350% senior unsecured notes due 2027 (the
"2027 notes" and, together with the 2022 notes, the "notes").
The offering is expected to close on November 14, 2017,
subject to the satisfaction of customary closing conditions.
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.
The notes are being 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.