By Andrea Heisinger
New York, Dec. 8 - ITC Holdings Corp. sold $200 million of 5.5% 10-year senior notes on Tuesday to yield 220 basis points over Treasuries, a market source away from the sale said.
The notes (Baa3/BBB-/) priced at 99.335 to yield 5.568%. They are callable at a make-whole amount of Treasuries plus 35 bps.
The notes were sold via Rule 144A and Regulation S.
Credit Suisse Securities and J.P. Morgan Securities Inc. were the bookrunners.
Proceeds are going to repay amounts under a term loan and revolving credit facility. The proceeds will also be used for general corporate purposes, including funding capital expenditures.
The power transmission company is based in Novi, Mich.
| Issuer: | ITC Holdings Corp.
|
| Issue: | Senior notes
|
| Amount: | $200 million
|
| Maturity: | Jan. 15, 2020
|
| Bookrunners: | Credit Suisse Securities, J.P. Morgan Securities Inc.
|
| Coupon: | 5.5%
|
| Price: | 99.335
|
| Yield: | 5.586%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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