DEBT (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Interest Rate Swap Contracts

These interest rate swaps managed the interest rate risk associated with the unsecured Notes issued by ITC Holdings described below and were terminated in June 2016 by us in conjunction with this debt issuance. A summary of the terminated interest rate swaps is provided below:



Interest Rate Swaps	Notional Amount		Weighted Average Fixed Rate of Interest Rate Swaps	Comparable Reference Rate of Notes	Loss on Derivative		Settlement Date
(Amounts in millions)
10-year interest rate swaps	$	300.0	1.99%	1.37%	$	17.2	June 2016

Schedule of Revolving Credit Agreements

At June 30, 2016, 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	$	7.0	$	393.0	(c)	1.7%	(d)	0.175	%
ITCTransmission	100.0		59.8		40.2			1.4%	(e)	0.10	%
METC	100.0		28.9		71.1			1.4%	(e)	0.10	%
ITC Midwest	250.0		113.2		136.8			1.4%	(e)	0.10	%
ITC Great Plains	150.0		62.6		87.4			1.4%	(e)	0.10	%
Total	$	1,000.0	$	271.5	$	728.5

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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 $81.0 million as of June 30, 2016.


(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.