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ITC sells $225M of bonds in private placement

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ITC sells $225M of bonds in private placement

ITC Holdings Corp. subsidiary International Transmission Co. issued $225 million aggregate principal amount of its 4.00% first mortgage bonds, series G, due 2053 in a private placement.

The 4% interest rate is payable semi-annually March 30 and Sept. 30, starting on Sept. 30. Proceeds from the issuance will be used to refinance existing indebtedness, partially fund capital expenditures or for general corporate purposes, according to a March 29 filing.

Bank of New York Mellon Trust Co. NA acted as the trustee. ITC is a subsidiary of Fortis Inc.