DEBT (Tables)

12 Months Ended

Dec. 31, 2015

The following amounts were outstanding at December 31, 2015 and 2014:



(Amounts in thousands)	2015		2014
ITC Holdings 5.875% Senior Notes, due September 30, 2016 (net of discount of $3 and $6, respectively) (a) (b)	$	139,341	$	139,338
ITC Holdings 6.23% Senior Notes, Series B, due September 20, 2017	50,000		50,000
ITC Holdings 6.375% Senior Notes, due September 30, 2036 (net of discount of $159 and $166, respectively) (a)	200,181		200,174
ITC Holdings 6.05% Senior Notes, due January 31, 2018 (net of discount of $329 and $487, respectively)	384,671		384,513
ITC Holdings 5.50% Senior Notes, due January 15, 2020 (net of discount of $521 and $654, respectively)	199,479		199,346
ITC Holdings 4.05% Senior Notes, due July 1, 2023 (net of discount of $534 and $606, respectively)	249,466		249,394
ITC Holdings 3.65% Senior Notes, due June 15, 2024 (net of discount of $1,124 and $1,258, respectively)	398,876		398,742
ITC Holdings 5.30% Senior Notes, due July 1, 2043 (net of discount of $737 and $763, respectively)	299,263		299,237
ITC Holdings Term Loan Credit Agreement, due September 30, 2016 (b)	161,000		161,000
ITC Holdings Revolving Credit Agreement, due March 28, 2019	137,700		53,500
ITC Holdings Commercial Paper Program (net of discount of $10) (b)	94,990		—
ITCTransmission 6.125% First Mortgage Bonds, Series C, due March 31, 2036 (net of discount of $74 and $79, respectively)	99,926		99,921
ITCTransmission 5.75% First Mortgage Bonds, Series D, due April 1, 2018 (net of discount of $26 and $37, respectively)	99,974		99,963
ITCTransmission 4.625% First Mortgage Bonds, Series E, due August 15, 2043 (net of discount of $422 and $437, respectively)	284,578		284,563
ITCTransmission 4.27% First Mortgage Bonds, Series F, due June 10, 2044	100,000		100,000
ITCTransmission Revolving Credit Agreement, due March 28, 2019	48,300		14,300
METC 5.75% Senior Secured Notes, due December 10, 2015 (b)	—		175,000
METC 5.64% Senior Secured Notes, due May 6, 2040	50,000		50,000
METC 3.98% Senior Secured Notes, due October 26, 2042	75,000		75,000
METC 4.19% Senior Secured Notes, due December 15, 2044	150,000		150,000
METC Term Loan Credit Agreement, due December 7, 2018	200,000		—
METC Revolving Credit Agreement, due March 28, 2019	2,500		—
ITC Midwest 6.15% First Mortgage Bonds, Series A, due January 31, 2038 (net of discount of $388 and $405, respectively)	174,612		174,595
ITC Midwest 7.12% First Mortgage Bonds, Series B, due December 22, 2017	40,000		40,000
ITC Midwest 7.27% First Mortgage Bonds, Series C, due December 22, 2020	35,000		35,000
ITC Midwest 4.60% First Mortgage Bonds, Series D, due December 17, 2024	75,000		75,000
ITC Midwest 3.50% First Mortgage Bonds, Series E, due January 19, 2027	100,000		100,000
ITC Midwest 4.09% First Mortgage Bonds, Series F, due April 30, 2043	100,000		100,000
ITC Midwest 3.83% First Mortgage Bonds, Series G, due April 7, 2055	225,000		—
ITC Midwest Revolving Credit Agreement, due March 28, 2019	72,300		191,200
ITC Great Plains 4.16% First Mortgage Bonds, Series A, due November 26, 2044	150,000		150,000
ITC Great Plains Revolving Credit Agreement, due March 28, 2019	59,100		53,800
Total debt	$	4,456,257	$	4,103,586

____________________________


(a)	The debt obligations were partially retired prior to maturity date through the cash tender offer described below.


(b)	As of December 31, 2015 and 2014, there was $395.3 million and $175.0 million, respectively, of debt included within debt maturing within one year that is classified as a current liability in the consolidated statements of financial position.

Schedule of Maturities of Debt

The annual maturities of debt as of December 31, 2015 are as follows:



(In thousands)
2016	$	395,344
2017	90,000
2018	685,000
2019	319,900
2020	235,000
2021 and thereafter	2,735,340
Total	$	4,460,584

Interest Rate Swaps Entered Into



Interest Rate Swaps	Notional Amount		Fixed Rate		Original Term	Effective Date
(Amounts in millions)
August 2014 swap	$	25.0	3.217	%	10 years	September 2016
October 2014 swap	25.0		3.075	%	10 years	September 2016
January 2015 swap	25.0		2.301	%	10 years	September 2016
Total	$	75.0

Schedule of Revolving Credit Agreements

At December 31, 2015, ITC Holdings and its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:



(Amounts in millions)	Total Available Capacity		Outstanding Balance (a)		Unused Capacity			Weighted Average Interest Rate on Outstanding Balance		Commitment Fee Rate (b)
ITC Holdings	$	400.0	$	137.7	$	262.3	(c)	1.6%	(d)	0.175	%
ITCTransmission	100.0		48.3		51.7			1.4%	(e)	0.10	%
METC	100.0		2.5		97.5			1.4%	(e)	0.10	%
ITC Midwest	250.0		72.3		177.7			1.4%	(e)	0.10	%
ITC Great Plains	150.0		59.1		90.9			1.4%	(e)	0.10	%
Total	$	1,000.0	$	319.9	$	680.1

____________________________


(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 $167.3 million as of December 31, 2015.


(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.