ITC Holdings Corp. 8-K

What Happened
ITC Holdings Corp. announced (Item 1.01 / Item 2.03) that two wholly‑owned subsidiaries issued and will issue first mortgage bonds totaling $500 million across March and July 2026. On March 12, 2026, International Transmission Company (ITCTransmission) issued $175 million of 4.78% First Mortgage Bonds, Series M (due 2034) and ITC Midwest LLC (ITCMW) issued $175 million of 4.86% First Mortgage Bonds, Series O (due 2035). On July 15, 2026, ITCTransmission will issue $50 million of 5.41% Series N (due 2044) and ITCMW will issue $100 million of 5.53% Series P (due 2047). The March bonds were sold in private placements to institutional accredited investors; the July bonds will be sold on the same basis.

Key Details

• March 12, 2026 issuances: $175M ITCT Series M at 4.78% (due 3/12/2034) and $175M ITCMW Series O at 4.86% (due 3/12/2035).
• Planned July 15, 2026 issuances: $50M ITCT Series N at 5.41% (due 7/15/2044) and $100M ITCMW Series P at 5.53% (due 7/15/2047).
• Bonds are secured by a first mortgage lien on substantially all real and tangible personal property of each issuing subsidiary under their respective mortgage indentures.
• Net proceeds will be used to repay amounts under the Company’s revolving credit facility, to partially fund capital expenditures and for general corporate purposes; bonds include customary redemption and event‑of‑default provisions.

Why It Matters
This filing shows ITC is replacing/adding long‑term fixed‑rate secured debt at specified interest rates and maturities, shifting some short‑term revolver exposure to longer‑dated bonds and raising capital for capex and corporate needs. For investors, the transactions affect the company’s debt profile, interest expense outlook and secured creditor structure (first mortgage liens on subsidiary assets). The bonds were placed privately with institutional investors, so they do not carry a public registration.