DEBT (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Outstanding Interest Rate Swaps

The interest rate swaps listed below manage interest rate risk associated with the forecasted future issuance of fixed-rate debt at ITC Holdings, the proceeds of which will be used for (a) the expected repayment of the ITC Holdings 6.05% Senior Notes, due January 31, 2018, borrowings under the ITC Holdings Term Loan, due March 24, 2018, and borrowings under ITC Holdings’ revolving credit agreement and commercial paper program, and (b) general corporate purposes. As of September 30, 2017, ITC Holdings had $385 million outstanding under the 6.05% Senior Notes and $200 million outstanding under the Term Loan. The following table outlines the details of the interest rate swaps outstanding as of September 30, 2017:



Interest Rate Swaps As of September 30, 2017 (dollars in millions)	Notional Amount		Weighted Average Fixed Rate	Original Term	Effective Date
July 2016 swaps	$	75	1.616%	10 years	January 31, 2018
August 2016 swap	25		1.599%	10 years	January 31, 2018
March 2017 swaps	100		2.661%	10 years	December 5, 2017
April 2017 swap	50		2.440%	10 years	December 5, 2017
July 2017 swap	40		2.271%	10 years	December 5, 2017
August 2017 swap	85		2.262%	10 years	December 5, 2017
August 2017 swaps	300		1.860%	5 years	December 5, 2017
September 2017 swap	75		1.796%	5 years	December 5, 2017
Total	$	750

Schedule of Revolving Credit Agreements

At September 30, 2017, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:



(dollars in millions)	Total Available Capacity		Outstanding Balance (a)		Unused Capacity			Weighted Average Interest Rate on Outstanding Balance		Commitment Fee Rate (b)
ITC Holdings	$	400	$	7	$	393	(c)	2.5%	(d)	0.175	%
ITCTransmission	100		23		77			2.2%	(e)	0.10	%
METC	100		54		46			2.2%	(e)	0.10	%
ITC Midwest	250		21		229			2.2%	(e)	0.10	%
ITC Great Plains	150		52		98			2.2%	(e)	0.10	%
Total	$	1,000	$	157	$	843

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(a)	Included within long-term debt.


(b)	Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.

(c)

ITC Holdings’ revolving credit agreement may be used for general corporate purposes, including to repay commercial paper issued pursuant to the commercial paper program described above, if necessary. While outstanding commercial paper does not reduce available capacity under ITC Holdings’ revolving credit agreement, the unused capacity under this agreement adjusted for the commercial paper outstanding was $164 million as of September 30, 2017.


(d)	Loan bears interest at a rate equal to LIBOR plus an applicable margin of 1.25% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1.00% above the one month LIBOR, plus an applicable margin of 0.25%, subject to adjustments based on ITC Holdings’ credit rating.


(e)	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1.00% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.