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Michigan Electric Transmission sells $100M of senior notes

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Michigan Electric Transmission sells $100M of senior notes

Michigan Electric Transmission Co. LLC on Jan. 15 completed the sale of $100 million of senior secured notes in a private placement.

The securities consist of $50 million of 4.55% series A notes due Jan. 15, 2049, and $50 million 4.65% series B notes, due July 10, 2049, according to S&P Global Market Intelligence data.

The ITC Holdings Corp. subsidiary plans to use proceeds to refinance existing debt, partially fund capital expenditures or for general corporate purposes.

ITC Holdings is owned by Fortis Inc.