ITCTransmission’s $150 Million First Mortgage Bonds Offering

Simpson Thacher represented International Transmission Company on the deal.

ITCTransmission, has completed its ssuance of $20 million aggregate principal amount of its 2.93% First Mortgage Bonds, Series I due 2052 in compliance with the ITC Green Bond Framework (the “Series I Bonds”) and $130 million aggregate principal amount of its 2.93% First Mortgage Bonds, Series J due 2052 (the “Series J Bonds”) in a private placement. The offering closed on January 14, 2022. Net proceeds from the sale of the Series I Bonds will be used to fund or refinance a portfolio of eligible green projects, and net proceeds from the sale of the Series J Bonds will be used to repay debt, partially fund capital expenditures and for general corporate purposes.

ITC is the largest independent electricity transmission company in the United States. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, allow new generating resources to interconnect to its transmission 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 and Oklahoma, and in development in Wisconsin.

The Simpson Thacher team for the transaction included Risë Norman (Picture), Patrick Meson and Taylor Nefussy (Capital Markets); Adeeb Fadil and Noreen Lavan (Environmental); Jeanne Annarumma (Executive Compensation and Employee Benefits); Krista McManus (Real Estate); and Jonathan Cantor (Tax).

Involved fees earner: Jeanne Annarumma – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Patrick Meson – Simpson Thacher & Bartlett; Taylor Nefussy – Simpson Thacher & Bartlett; Risë Norman – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: ITC Holdings Corporation;

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Author: Youness Semri