ITC Holdings Prices $400 Mln Debt Offering

(RTTNews) - ITC Holdings Corp. (ITC) said Wednesday that it has priced an underwritten public offering of $400 million aggregate principal amount of 3.65% senior unsecured notes due 2024.

The offering is expected to close on June 4.

The net proceeds from this offering will be used to repay borrowings under ITC Holdings' revolving credit agreement that will be used to purchase ITC's 5.875% senior notes due 2016 and 6.375% senior notes due 2036 validly tendered by the expiration date in the tender offer conducted by ITC which launched on May 2, 2014 and pay the consent fee to holders from which ITC received consents (without tenders) by the consent deadline in the tender offer.

ITC plans to use any remaining proceeds for general corporate purposes, which may include the repayment of other indebtedness. The net proceeds from the offering may be temporarily invested by ITC in interest-bearing securities prior to use.