Simpson Thacher represented Michigan Electric Transmission Company on the deal.
Michigan Electric Transmission Company, LLC (“METC”), a wholly owned subsidiary of ITC Holdings Corp. (“ITC”), completed its offering of $75 million aggregate principal amount of its 3.05% Series B Senior Secured Notes due 2052 in a private placement. The offering closed on May 10, 2022.
ITC 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 and Oklahoma, and in development in 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.
The Simpson Thacher team for the transaction included Risë Norman (Picture), Ben Massey and Bethany Wong (Capital Markets); Jeanne Annarumma (Executive Compensation and Employee Benefits); Jon Cantor (Tax); Krista McManus (Real Estate); and Noreen Lavan (Environmental).
Involved fees earner: Jeanne Annarumma – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Ben Massey – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Risë Norman – Simpson Thacher & Bartlett; Bethany Wong – Simpson Thacher & Bartlett;
Law Firms: Simpson Thacher & Bartlett;