By Lisa Kerner
Charlotte, N.C., Jan. 20 - ITC Midwest LLC, a wholly owned subsidiary of ITC Holdings Corp., issued $100 million principal amount of 3.5% first mortgage bonds, series E, due 2027 in a private placement to accredited investors, according to a form 8-K filed with the Securities and Exchange Commission.
The company priced the sale on Nov. 29. Proceeds were expected to be used to refinance debt, to partially fund capital expenditures or for general corporate purposes.
The bonds have a make-whole call option at Treasuries plus 50 basis points.
ITC Midwest is a Novi, Mich., power transmission company.
Issuer: | ITC Midwest LLC
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Issue: | First mortgage bonds, series E
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Amount: | $100 million
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Maturity: | Jan. 19, 2027
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Coupon: | 3.5%
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Call option: | Make-whole at Treasuries plus 50 bps
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Pricing date: | Nov. 29
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Settlement date: | Jan. 19
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Distribution: | Private placement
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