DEBT (Tables)

3 Months Ended

Mar. 31, 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 related to the expected refinancing of the maturing ITC Holdings 6.05% Senior Notes, due January 31, 2018. As of March 31, 2017, ITC Holdings had $385 million outstanding under the 6.05% Senior Notes.



Interest Rate Swaps (in millions, except percentages)	Notional Amount		Weighted Average Fixed Rate	Original Term	Effective Date
July 2016 swaps	$	75	1.616%	10 years	January 2018
August 2016 swap	25		1.599%	10 years	January 2018
March 2017 swaps	100		2.661%	10 years	December 2017
Total	$	200

Schedule of Revolving Credit Agreements

At March 31, 2017, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:



(amounts in millions, except percentages)	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)	2.1%	(d)	0.175	%
ITCTransmission	100		18		82			1.9%	(e)	0.10	%
METC	100		55		45			1.9%	(e)	0.10	%
ITC Midwest	250		181		69			1.9%	(e)	0.10	%
ITC Great Plains	150		56		94			1.9%	(e)	0.10	%
Total	$	1,000	$	317	$	683

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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 $258 million as of March 31, 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.