NOVI,
Mich., May 6, 2024 /PRNewswire/ -- ITC Holdings
Corp. ("ITC"), a subsidiary of Fortis Inc., today announced that it
has commenced a private offering of senior unsecured notes due 2034
(the "notes").
ITC intends to use the net proceeds from this offering to
partially redeem $400 million
aggregate principal amount of its 3.65% Senior Notes due
June 15, 2024 and for general
corporate purposes. Completion of the offering is subject to, among
other things, pricing and market conditions.
The notes are expected to be offered in the United States only to persons reasonably
believed to be qualified institutional buyers in accordance with
Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), and to certain non-U.S. persons in transactions
outside the United States in
reliance on Regulation S under the Securities Act. The notes have
not, and will not be registered under the Securities Act or the
securities laws of any other jurisdiction, and the notes may not be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable
securities laws of any other jurisdiction. This press release does
not and will not constitute an offer to sell any of the notes or
the solicitation of an offer to buy any of the notes described
herein or any other securities, nor shall there be any sale of the
notes in any jurisdiction in which such offer, solicitation or sale
would be unlawful.
About ITC Holdings Corp.
ITC Holdings Corp. is the
largest independent electricity transmission company in
the United States. ITC provides
transmission grid solutions to improve reliability, expand access
to markets, allow new generating resources to interconnect to its
systems and lower the overall cost of delivered energy. Through its
regulated operating subsidiaries ITCTransmission, Michigan Electric
Transmission Company, ITC Midwest and ITC Great Plains, ITC owns
and operates high-voltage transmission infrastructure in
Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma and Wisconsin. These systems serve a combined peak
load exceeding 26,000 megawatts along 16,000 circuit miles of
transmission line, supported by 700 employees and 1,000
contractors. ITC is based in Novi,
Michigan. For further information visit
www.itc-holdings.com. ITC is a subsidiary of Fortis Inc., a leader
in the North American regulated electric and gas utility industry.
For further information visit www.fortisinc.com. None of the
information on ITC's or Fortis Inc.'s websites is incorporated
into, or forms a part of, this press release.
Safe Harbor Statement
This press release contains
certain statements that describe our management's beliefs
concerning future business conditions, plans and prospects, growth
opportunities and the outlook for our business and the electric
transmission industry based upon information currently available.
Such statements are "forward-looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Wherever
possible, we have identified these forward-looking statements by
the words "will," "may," "anticipates," "believes," "intends,"
"estimates," "expects," "forecasted," "projects," "likely,"
"could," "might," "target," "would," and the negative of these
terms, and similar phrases. These forward-looking statements are
based upon assumptions our management believes are reasonable. Such
forward-looking statements are based on estimates and assumptions
and subject to significant risks and uncertainties which could
cause our actual results, performance and achievements to differ
materially from those expressed in, or implied by, these
statements, including, among others, the risks and uncertainties
disclosed in our annual reports on Form 10-K, quarterly reports on
Form 10-Q and other filings made with the SEC from time to time.
There can be no assurance that the offering will be completed. ITC
assumes no obligation to update any forward-looking statements.
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SOURCE ITC Holdings Corp.