Simpson Thacher recently represented ITC Midwest LLC (“ITC Midwest”), a wholly owned subsidiary of ITC Holdings Corp. (“ITC”), in connection with ITC Midwest’s issuance of $125 million aggregate principal amount of its 4.88% First Mortgage Bonds, Series M due 2035 and $125 million aggregate principal amount of its 5.25% First Mortgage Bonds, Series N due 2043 in a private placement.
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, ultimately connecting consumers to more sustainable and cost-effective energy resources. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage electric transmission infrastructure in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma and Wisconsin.
The Simpson Thacher team for the transaction included Risë Norman, Mark Brod, Melissa Lewis, Sophie Kim and Francisca Johanek (Capital Markets); Jonathan Cantor and Michael Slomovics (Tax); Krista McManus (Real Estate); and Jeanne Annarumma (Executive Compensation and Employee Benefits).