ITC Holdings Agrees To Repurchase Up To $150 Mln Of Its Stock From JPMorgan

(RTTNews) - ITC Holdings Corp.(ITC) announced Friday that it has entered into an accelerated share repurchase program or ASR with JPMorgan Chase Bank, National Association for up to $150 million of the company's common stock.

The ASR is part of ITC's board-approved share repurchase program authorizing the repurchase of up to $250 million through December 31, 2015, as originally announced on April 15, 2014.

As per the terms of the ASR, ITC has agreed to repurchase up to $150 million of its common stock from JPMorgan in total with an initial delivery of about 2.9 million shares based on current market prices.

ITC noted that the final number of shares to be repurchased will be based on the volume-weighted average share price of the company's common stock during the term of the transaction, which is expected to be completed by year-end 2014.