#United States #Senior Notes #Novi #ITC Holdings #Fortis Inc.

ITC Holdings Corp. Announces New Senior Notes Pricing

In a significant financial move, ITC Holdings Corp., a subsidiary of Fortis Inc., has announced the pricing of a private offering of senior notes. This offering includes two distinct sets of notes: $500 million in senior unsecured notes maturing in 2031 and $400 million in senior unsecured notes maturing in 2036. The company has outlined the anticipated closing date for this transaction as April 1, 2026, contingent upon meeting standard closing conditions.

Purpose of the Offering

The net proceeds from this offering have been earmarked for several critical financial actions. Primarily, ITC plans to use $400 million to fully redeem its existing 3.25% senior unsecured notes, which are set to mature on June 30, 2026. Moreover, the funds will be utilized to reduce outstanding debt associated with the company’s commercial paper program, along with supporting general corporate needs.

This strategic move underscores ITC's commitment to maintaining a robust financial standing while managing its indebtedness. The company believes that reducing its existing debt will allow it to enhance its capital structure, thereby supporting its long-term growth strategy.

Regulatory Compliance

In terms of regulatory compliance, the notes are being sold solely in the United States to qualified institutional buyers, in line with Rule 144A of the amended Securities Act of 1933. Additionally, certain non-U.S. persons may also participate in the offering under Regulation S of the Securities Act. ITC has expressly stated that these notes have not been registered—and will not be registered—under the Securities Act or any other applicable regulations. Accordingly, the sale of these notes in the United States is strictly contingent upon proper exemption from registration requirements.

This announcement does not constitute an offer to sell or sell the described notes or to solicit an offer to buy them in jurisdictions where such offerings would be legally inadmissible.

About ITC Holdings Corp.

ITC Holdings Corp. holds the title of the largest independent electricity transmission company in the United States, focusing on providing a reliable transmission grid. The company’s efforts are centered on improving grid reliability, expanding market access, facilitating new generating resources, and ultimately lowering the delivered energy costs for customers.

ITC operates through a network of regulated subsidiaries, including ITCTransmission, Michigan Electric Transmission Company, ITC Midwest, and ITC Great Plains. Together, these subsidiaries maintain high-voltage transmission infrastructures across multiple states such as Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma, and Wisconsin. They cater to a total peak load exceeding 23,000 megawatts across 16,000 circuit miles of transmission lines, supported by a dedicated workforce of 868 employees and 1,000 contractors.

For ongoing updates and further insights into ITC Holdings, visit www.itc-holdings.com. It is noteworthy that none of the information from ITC’s or Fortis Inc.'s websites forms part of this announcement.

Safe Harbor Statement

While the press release contains forward-looking statements regarding ITC's business outlook, including anticipated growth and industry forecasts, these statements are contingent on various risks and uncertainties. The company has committed to updating its investors regarding any significant developments affecting its financial condition or results of operations. Investors are encouraged to review additional disclosures contained in ITC’s filings with the United States Securities and Exchange Commission for a more comprehensive risk assessment related to these forward-looking projections.