Simpson Thacher recently represented International Transmission Company (“ITCTransmission”), a wholly owned subsidiary of ITC Holdings Corp. (“ITC”), in connection with ITCTransmission’s issuance of $75 million aggregate principal amount of its 5.11% First Mortgage Bonds, Series K, due 2029 and $75 million aggregate principal amount of its 5.38% First Mortgage Bonds, Series L, due 2034 in a private placement. The offering closed on January 23, 2024.
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, 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.
The Simpson Thacher team for the transaction included Risë Norman, Alex Michael and Aaron Gurley (Capital Markets); Jeanne Annarumma (Executive Compensation and Employee Benefits); Jon Cantor (Tax); Krista McManus (Real Estate); Eli Isak (Credit); and Rachelle Broida (Intellectual Property).