ITC Holdings Corp. Prices Its Equity Offering
NOVI, Mich., Oct 04, 2006 -- ITC Holdings Corp. (NYSE: ITC) today announced that it has
priced its public offering of 6,580,987 shares of common stock at $31.91 per share. ITC Holdings' principal
stockholder, International Transmission Holdings Limited Partnership, the selling stockholder, is also selling
4,669,013 shares of ITC Holdings' common stock and has granted the underwriters a 30-day option to purchase
up to an additional 1,687,500 shares of common stock to cover over-allotments, if any.
ITC Holdings intends to use the net proceeds from this offering as part of the consideration for its previously
announced acquisition of all of the indirect ownership interests in Michigan Electric Transmission Company,
LLC (METC). ITC Holdings will not receive any of the proceeds from the sale of common stock by the selling
stockholder.
Lehman Brothers Inc. and Credit Suisse Securities (USA) LLC are serving as joint book-running managers for
the offering. Morgan Stanley & Co. Incorporated and A.G. Edwards & Sons, Inc. are acting as co-managers.
Copies of the prospectus relating to the offering, when available, may be obtained from Lehman Brothers Inc.,
c/o ADP Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, by email at Monica_Castillo@adp.com
or by faxing requests to 631.254.7268; and Credit Suisse Securities (USA) LLC, Credit Suisse, Prospectus
Department, One Madison Avenue, New York, NY 10010, by calling toll-free 800.221.1037 or 212.538.5441, or
by faxing requests to 212.325.8057.
About ITC Holdings Corp.
ITC Holdings Corp. is in the business of investing in electricity transmission infrastructure improvements
as a means to improve electric reliability, reduce congestion and lower the overall cost of delivered energy.
ITCTransmission, an ITC subsidiary, is the first independently owned and operated electricity transmission
company in the United States. ITCTransmission owns, operates and maintains a fully-regulated, high-voltage
system that transmits electricity to local electric distribution facilities from generating stations in
Michigan, other Midwestern states and Ontario, Canada. The local distribution facilities connected to the
ITCTransmission system serve an area comprised of 13 southeastern Michigan counties, including the Detroit
metropolitan area. Recently announced subsidiary ITC Grid Development, LLC will focus on partnering with
local entities and utilities in regions where significant transmission improvements are needed. The first
region in which ITC Grid Development, LLC will focus its efforts is the Great Plains region, specifically
in Kansas, through the formation of its subsidiary ITC Great Plains, LLC. For more information on ITC Holdings
Corp., please visit http://www.itc-holdings.com. For more information on ITCTransmission, please visit http://www.itctransco.com.
For more information on ITC Great Plains, please visit http://www.itcgreatplains.com.
(itc-ITC)
A registration statement relating to these securities was declared effective by the Securities and Exchange
Commission on October 3, 2006. This press release shall not constitute an offer to sell or a solicitation
of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which
such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
Media Contact - Lisa Aragon, ITC Holdings, +1-248-835-9300, laragon@itc-holdings.com;
Investor/Analyst Contact - Pat Wenzel, ITC Holdings, +1-248-374-7200, pwenzel@itc-holdings.com
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