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ITC Holdings Prices $550 million Debt Offering

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NOVI — The independent power grid manager ITC Holdings Corp. (NYSE: ITC) Wednesday announced that it has priced an underwritten public offering of $550 million aggregate principal amount of senior unsecured notes. The notes include $250 million aggregate principal amount of 4.05 percent senior notes due 2023 and $300 million aggregate principal amount of 5.30 percent senior notes due 2043.

ITC expects to use the net proceeds from the offering to repay existing indebtedness, including ITC Holdings’ $267 million aggregate principal amount of 5.25 percent Senior Notes due July 15, 2013; $200 million term loan entered into in 2012; and for general corporate purposes which may include the repayment of other indebtedness. The offering is expected to close on July 3, 2013, subject to customary closing conditions.

Morgan Stanley, Credit Suisse, Deutsche Bank Securities, Wells Fargo Securities, Barclays and J.P. Morgan are acting as joint book-running managers for the offering.

The securities are being offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission, and a preliminary prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission as part of the shelf registration statement.

Interested parties should read the preliminary prospectus supplement for this offering, the prospectus in the registration statement and the other documents that ITC has filed with the Securities and Exchange Commission that are incorporated by reference into the preliminary prospectus supplement for more complete information about ITC and this offering.  Copies of the preliminary prospectus supplement and the accompanying prospectus related to the offering may be obtained by calling Morgan Stanley toll free at (866) 718-1649, Credit Suisse toll free at (800) 221-1037, Deutsche Bank Securities toll free at (800) 503-4611, Wells Fargo Securities toll free at (800) 221-1037, Barclays toll free at (888) 603-5847 and J.P. Morgan collect at (212) 834-4533. A copy of these documents may also be obtained by visiting EDGAR on the SEC website at www.sec.gov.

ITC Holdings is the nation’s largest independent electric transmission company. Based in Novi, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC’s regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Co., ITC Midwest and ITC Great Plains.

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