ITC Holdings Corp. announces exploration of a senior note offering

NOVI, Mich., September 6, 2022 /PRNewswire/ — An earlier announcement said ITC Holdings Corp. (“ITC”), a subsidiary of Fortis Inc., had made the decision to proceed with a private offering of senior unsecured notes (the “Notes”). ITC considers an offer, subject to market conditions.

If ITC makes this offer, it will use the net proceeds of this offer to fully repurchase $500 million aggregate principal amount of its 2.700% senior notes due November 15, 2022to pay the related purchase premium, with the remainder being used to repay outstanding indebtedness under its revolving credit facility and commercial paper program, and for general corporate purposes.

The Notes are expected to be offered in United States only to persons reasonably regarded as qualified institutional purchasers pursuant to Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in dealings outside United States based on Regulation S under the Securities Act. The Notes have not been and will not be registered under securities law or the securities laws of any other jurisdiction, and the Notes may not be offered or sold in United States lack of registration or an applicable exemption from the registration requirements of the Securities Act and the applicable securities laws of any other jurisdiction. This press release does not and will not constitute an offer to sell any of the Notes or the solicitation of an offer to buy any of the Notes described herein or any other security, and nor will there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About ITC Holdings Corp.
ITC Holdings Corp. is the largest independent electricity transmission company in United States. ITC provides transmission network solutions to improve reliability, expand market access, enable new generation resources to interconnect with its systems, and reduce the overall cost of energy delivered. 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 and Oklahomaand developing in 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 ITC is based in Novi, MI. For more information visit ITC is a subsidiary of Fortis Inc., a leader in the regulated North American electric and gas utility industry. For more information visit None of the information on the ITC or Fortis Inc. websites is incorporated into or made part of this press release.

Safe Harbor Statement
This press release contains certain statements that describe our management’s beliefs regarding future business conditions, plans and prospects, growth opportunities and prospects for our business and the electric drivetrain industry based on the information currently available. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Where possible, we have identified these forward-looking statements by words such as “will”, “may”, “anticipate”, “believes”, “intends”, “estimates”, “plans”, “plans”, “expects”, “projects”, “probable”, “plans” and similar expressions. These forward-looking statements are based on assumptions that our management believes are reasonable. These forward-looking statements are based on estimates and assumptions and are subject to significant risks and uncertainties that could cause our actual results, performance and achievements to differ materially from those expressed or implied by such statements, including, between others, risks and uncertainties disclosed in our annual reports on Form 10-K, our quarterly reports on Form 10-Q and other documents filed with the SEC from time to time. There can be no assurance that the Offer will be completed. ITC assumes no obligation to update forward-looking statements.

SOURCEITC Holdings Corp.

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