ITC Holdings Corp.: debt financing — METC issues $85M 5.98% senior secured notes due 2034

ITC Holdings Corp.

$85M aggregate principal, 5.98% fixed rate, maturing Jan 16, 2034.
Interest payable semi-annually on Jan 16 and Jul 16; first payment Jul 16, 2024.
Net proceeds to repay revolving credit, fund capital expenditures, and for general corporate purposes.
Notes secured by first mortgage lien on substantially all of METC's real and tangible personal property.
Redemption at make-whole at Treasuries plus 125 bps before Oct 16, 2033, then at par.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ITC Holdings Corp. incurred senior notes of $85,000,000 aggregate principal amount with institutional accredited investors at 5.98% per annum maturing January 16, 2034.

Instrument: senior notes
Principal: $85,000,000 aggregate principal amount
Counterparty: institutional accredited investors
Rate: 5.98% per annum
Maturity: January 16, 2034
Event: incurrence

Exact text from the filing

issued $85,000,000 aggregate principal amount of its 5.98% Series B Senior Secured Notes due 2034

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Source: SEC EDGAR

accession 0001104659-24-004110

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