ITC Holdings Corp.: debt financing — METC issues $250M senior secured notes (5.08%/5.71%) to refinance debt

ITC Holdings Corp.

$125M of 5.08% Series A Notes due 2036 and $125M of 5.71% Series B Notes due 2046 issued.
Proceeds to repay revolving credit, intercompany debt, fund capex, and for general corporate purposes.
Notes secured by first mortgage lien on substantially all of METC's real and tangible personal property.
Interest payable semi-annually; optional redemption with make-whole at Treasuries plus 90 bps.
Issued in private placement to institutional accredited investors under exemption from registration.

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 $125,000,000 with institutional accredited investors at 5.71% per annum maturing January 14, 2046.

Instrument: senior notes
Principal: $125,000,000
Counterparty: institutional accredited investors
Rate: 5.71% per annum
Maturity: January 14, 2046
Event: incurrence

Exact text from the filing

$125,000,000 aggregate principal amount of its 5.71% Series B Senior Secured Notes due 2046

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

ITC Holdings Corp. incurred senior notes of $125,000,000 with institutional accredited investors at 5.08% per annum maturing January 14, 2036.

Instrument: senior notes
Principal: $125,000,000
Counterparty: institutional accredited investors
Rate: 5.08% per annum
Maturity: January 14, 2036
Event: incurrence

Exact text from the filing

Michigan Electric Transmission Company, LLC (“METC”), an indirect wholly-owned subsidiary of ITC Holdings Corp. (the “Company”), issued $125,000,000 aggregate principal amount of its 5.08% Series A Senior Secured Notes due 2036

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ITC Holdings Corp. entered into Purchase Agreement dated January 14, 2026 with institutional accredited investors valued at $250,000,000 aggregate principal amount of Senior Secured Notes (effective 2026-01-14).

Action: entry
Agreement: notes offering
Counterparty: institutional accredited investors
Value: $250,000,000 aggregate principal amount of Senior Secured Notes
Effective: 2026-01-14

Exact text from the filing

On January 14, 2026, Michigan Electric Transmission Company, LLC (“METC”), an indirect wholly-owned subsidiary of ITC Holdings Corp. (the “Company”), issued $125,000,000 aggregate principal amount of its 5.08% Series A Senior Secured Notes due 2036 (the “Series A METC Notes”) and $125,000,000 aggregate principal amount of its 5.71% Series B Senior Secured Notes due 2046 (the “Series B METC Notes” and together with the Series A METC Notes, the “METC Notes”) in a private placement in reliance on an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”).

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Source: SEC EDGAR

accession 0001104659-26-003728

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