By Lisa Kerner
Charlotte, N.C., Oct. 29 – ITC Holdings Corp. subsidiary ITC Great Plains, LLC priced $150 million of 4.16% first mortgage bonds, series A, due 2044.
The bonds will be sold on Nov. 26, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds will be used to repay existing debt under ITC Great Plains’ $100 million term loan credit agreement, to repay amounts under its revolving credit agreement and for general corporate purposes, the filing stated.
ITC Holdings is an independent electric transmission company based in Novi, Mich.
| Issuer: | ITC Great Plains, LLC
|
| Issue: | First mortgage bonds, series A
|
| Amount: | $150 million
|
| Maturity: | Nov. 26, 2044
|
| Coupon: | 4.16%
|
| Pricing date: | Oct. 23
|
| Settlement date: | Nov. 26
|
| Distribution: | Private placement
|
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