Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
ITC > SEC Filings for ITC > Form 8-K on 3-Jun-2013All Recent SEC Filings

Show all filings for ITC HOLDINGS CORP. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ITC HOLDINGS CORP.


3-Jun-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obl


Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

ITC Great Plains, LLC 2013 Term Loan Credit Agreement

On May 30, 2013, ITC Great Plains, LLC ("ITC Great Plains"), an indirect wholly-owned subsidiary of ITC Holdings Corp., entered into a Term Loan Credit Agreement (the "ITC Great Plains 2013 Term Loan Credit Agreement") with the various financial institutions and other persons from time to time parties thereto as lenders (the "Lenders"), JPMorgan Chase Bank, N.A., as administrative agent for the Lenders, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers and joint bookrunners, and Bank of America, N.A., as syndication agent. The ITC Great Plains 2013 Term Loan Credit Agreement establishes an unguaranteed, unsecured term loan credit facility under which ITC Great Plains has borrowed $100,000,000. Funds borrowed may be used for general corporate purposes of ITC Great Plains and its subsidiaries, including the repayment of revolving borrowings. The ITC Great Plains 2013 Term Loan Credit Agreement contains covenants that: (a) place limitations on liens; mergers, consolidations, liquidations and sales of all or substantially all assets; dividends; and sale leaseback transactions and
(b) require ITC Great Plains to maintain a maximum debt to capitalization ratio of 65%. The ITC Great Plains 2013 Term Loan Credit Agreement contains certain customary events of default for unsecured, unguaranteed term loan credit facilities, the occurrence of which would allow the Lenders to accelerate all outstanding loans. The maturity date of the ITC Great Plains 2013 Term Loan Credit Agreement is November 28, 2014.

At ITC Great Plains' option, loans under the ITC Great Plains 2013 Term Loan Credit Agreement will bear interest at a rate equal to LIBOR plus an applicable margin of 85 basis points or at a base rate, which is defined as the higher of the administrative agent's publicly announced prime rate, 0.5% above the federal funds rate and 1% above LIBOR for a one month interest period on such day, plus an applicable margin of 0.00%.

The foregoing description of the ITC Great Plains 2013 Term Loan Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the ITC Great Plains 2013 Term Loan Credit Agreement. A copy of the ITC Great Plains 2013 Term Loan Credit Agreement is attached hereto as Exhibit 10.118 and incorporated herein by reference as though fully set forth herein.

In the ordinary course of their respective businesses, certain of the Lenders and their respective affiliates have engaged, and may in the future engage, in commercial banking and/or investment banking transactions with ITC Great Plains and its affiliates for which they have in the past received, and may in the future receive, customary fees.



Item 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

The information set forth above under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.



Item 9.0 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

10.118 ITC Great Plains 2013 Term Loan Credit Agreement dated as of May 30, 2013.


  Add ITC to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for ITC - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.