DEBT (Tables)

3 Months Ended

Mar. 31, 2026

At March 31, 2026, we had the following unguaranteed, unsecured revolving credit facility available and outstanding:


(In millions of USD)	Total Available Capacity (a)		Outstanding Balance (b)		Unused Capacity		Weighted Average Interest Rate on Outstanding Balance (c)		Commitment Fee Rate (d)
ITC Holdings	$	400	$	—	$	400	—	%	0.175	%
ITCTransmission	200		35		165		4.71	%	0.100	%
METC	125		27		98		4.71	%	0.100	%
ITC Midwest	200		45		155		4.71	%	0.100	%
ITC Great Plains	75		13		62		4.71	%	0.100	%
Total	$	1,000	$	120	$	880

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(a)Individual sublimits may be adjusted, subject to certain individual sublimits and the aggregate limit under the revolving credit agreement not to exceed $1 billion.

(b)Included within long-term debt on the condensed consolidated statements of financial position.

(c)Interest charged on borrowings depends on the variable rate structure we elect at the time of each borrowing.

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

Schedule of Derivative Instruments

Derivative financial instruments that were outstanding at March 31, 2026:


(In millions of USD)	Notional Amount		Weighted Average Fixed Rate		Hedged Period (In years)	Effective Date
Interest rate swaps (a)	$	100	3.54	%	5	Q3 2027

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(a)Interest rate swap contracts are designated as cash flow hedges of the first five years of forecasted interest payments associated with an anticipated debt issuance. See Note 8 for information on the fair value of these derivatives.

Schedule of Issued Debt [Table]

The following notes and bonds were issued during the three months ended March 31, 2026:


(In millions of USD)	Principal Amount			Interest Rate		Issuance Date	Maturity Date
METC Senior Secured Notes, Series A (a)	$	125	(c)	5.08	%	01/14/2026	01/14/2036
METC Senior Secured Notes, Series B (a)	125		(c)	5.71	%	01/14/2026	01/14/2046
ITCTransmission First Mortgage Bonds, Series M (b)	175		(d)	4.78	%	03/12/2026	03/12/2034
ITC Midwest First Mortgage Bonds, Series O (b)	175		(d)	4.86	%	03/12/2026	03/12/2035
Total	$	600

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(a)The METC Senior Secured Notes were issued under METC’s first mortgage indenture and are secured by a first mortgage lien on substantially all of its real property and tangible personal property.

(b)The ITCTransmission and ITC Midwest First Mortgage Bonds were issued under the First Mortgage and Deed of Trust of ITCTransmission and ITC Midwest, respectively, and each are secured by a first mortgage lien on substantially all of the real property and tangible personal property of each respective entity.

(c)The net proceeds from the offering of the METC Senior Secured Notes were used to repay existing indebtedness under the revolving credit agreement and intercompany loan agreement, to partially fund capital expenditures and for general corporate purposes.

(d)The net proceeds from the offering of the ITCTransmission and ITC Midwest First Mortgage Bonds were used to repay existing indebtedness under the revolving credit agreement, to partially fund capital expenditures and for general corporate purposes.

Schedule of Settled Derivative Instruments

Derivative financial instruments designated as cash flow hedges that were settled during the three months ended March 31, 2026:


(In millions of USD)	Notional Amount		Weighted Average Fixed Rate		Pre-Tax Gain on Derivatives (b)		Hedged Period (In years)	Effective Date
Interest rate swaps (a)	$	705	3.52	%	$	4	5	Q2 2026 / Q3 2027

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(a)On March 23, 2026, we terminated interest rate swap contracts in connection with the pricing of $900 million of ITC Holdings’ Senior Notes, as discussed above.

(b)The gains on these derivatives were recorded net of tax in AOCI and are being amortized as a component of interest expense over the first five years of interest payments on the related debt which represent the hedged forecasted cash flows. See Note 9 for additional information.

Schedule of Commercial Paper

At March 31, 2026, we had the following commercial paper, net of discount:


(In millions of USD)	Program Size		Issued and Outstanding (a)		Weighted Average Interest Rate on Outstanding Balance		Weighted Average Remaining Days to Maturity
Commercial Paper	$	400	$	381	4.07	%	2

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(a) Included within debt maturing within one year on the condensed consolidated statements of financial position.