ITC Holdings Corp. Prices Its Equity Offering

Oct 04, 2006

NOVI, Mich., Oct 04, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- 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 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 For more information on ITCTransmission, please visit For more information on ITC Great Plains, please visit (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.

SOURCE ITC Holdings Corp.

Media Contact - Lisa Aragon, ITC Holdings, +1-248-835-9300,;

Investor/Analyst Contact - Pat Wenzel, ITC Holdings, +1-248-374-7200,

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