By Lisa Kerner
Charlotte, N.C., May 10 - Michigan Electric Transmission, LLC, an indirect wholly owned subsidiary of ITC Holdings Corp., issued $50 million principal amount of 5.64% senior secured notes due 2040 in a private placement to accredited investors, according to a form 8-K filed by ITC with the Securities and Exchange Commission.
The notes are secured by a first-mortgage lien on substantially all of Michigan Electric Transmission's real and tangible personal property, the filing said.
Michigan Electric Transmission may redeem the bonds, in whole or in part, in an amount not less than $5 million in total principal amount in the case of a partial redemption.
The make-whole amount, if any, will be determined using a discount rate of Treasuries plus 50 basis points.
Michigan Electric and ITC are electricity transmission companies based in Ann Arbor, Mich., and Novi, Mich., respectively.
Issuer: | Michigan Electric Transmission, LLC
|
Issue: | Senior secured notes
|
Amount: | $50 million
|
Maturity: | May 6, 2040
|
Coupon: | 5.64%
|
Price: | Par
|
Call option: | Make-whole at Treasuries plus 50 bps
|
Settlement date: | May 6
|
Distribution: | Private placement
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.