ITC Holdings Corp. (Form: 8-K, Received: 04/11/2016 16:34:55)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 7, 2016

ITC HOLDINGS CORP.

(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 001-32576

Michigan
(State of Incorporation)

32-0058047
(IRS Employer Identification No.)

27175 Energy Way, Novi, Michigan 48377
(Address of principal executive offices) (zip code)

(248) 946-3000

(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

x Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

Amendments to Revolving Credit Agreements

On April 7, 2016, ITC Holdings Corp. (“ITC Holdings”) entered into an amendment (the “ITC Holdings Credit Agreement Amendment”) to its Revolving Credit Agreement, dated as of March 28, 2014, by and among ITC Holdings, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents. The ITC Holdings Credit Agreement Amendment, among other things, amends the definition of “Change of Ownership” in order to permit the consummation of the transactions contemplated pursuant to that certain Agreement and Plan of Merger, dated as of February 9, 2016 (the “Merger Agreement”), among FortisUS Inc., Element Acquisition Sub Inc., Fortis Inc. and ITC Holdings.

On April 7, 2016, International Transmission Company (“ITCTransmission”) entered into an Amendment No. 1 (the “ITCTransmission Credit Agreement Amendment”) to its Revolving Credit Agreement, dated as of March 28, 2014, by and among ITCTransmission, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents. The ITCTransmission Credit Agreement Amendment, among other things, amends the definition of “Change of Ownership” in order to permit the consummation of the transactions contemplated pursuant to the Merger Agreement.

On April 7, 2016, Michigan Electric Transmission Company, LLC (“METC”) entered into an Amendment No. 1 (the “METC Credit Agreement Amendment”) to its Revolving Credit Agreement, dated as of March 28, 2014, by and among METC, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents. The METC Credit Agreement Amendment, among other things, amends the definition of “Change of Ownership” in order to permit the consummation of the transactions contemplated pursuant to the Merger Agreement.

On April 7, 2016, ITC Midwest LLC (“ITC Midwest”) entered into an Amendment No. 1 (the “ITC Midwest Credit Agreement Amendment”) to its Revolving Credit Agreement, dated as of March 28, 2014, by and among ITC Midwest LLC, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents. The ITC Midwest Credit Agreement Amendment, among other things, amends the definition of “Change of Ownership” in order to permit the consummation of the transactions contemplated pursuant to the Merger Agreement.

On April 7, 2016, ITC Great Plains, LLC (“ITC Great Plains”) entered into an Amendment No. 1 (the “ITC Great Plains Credit Agreement Amendment”) to its Revolving Credit Agreement, dated as of March 28, 2014, by and among ITC Great Plains, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents. The ITC Great Plains Credit Agreement Amendment, among other things, amends the definition of “Change of Ownership” in order to permit the consummation of the transactions contemplated pursuant to the Merger Agreement.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

10.1 Amendment No. 1, dated as of April 7, 2016, to the Revolving Credit Agreement, dated as of March 28, 2014, by and among ITC Holdings, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents.

10.2 Amendment No. 1, dated as of April 7, 2016, to the Revolving Credit Agreement, dated as of March 28, 2014, by and among ITCTransmission, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents.

10.3 Amendment No. 1, dated as of April 7, 2016, to the Revolving Credit Agreement, dated as of March 28, 2014, by and among METC, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents.

10.4 Amendment No. 1, dated as of April 7, 2016, to the Revolving Credit Agreement, dated as of March 28, 2014, by and among ITC Midwest, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents.

10.5 Amendment No. 1, dated as of April 7, 2016, to the Revolving Credit Agreement, dated as of March 28, 2014, by and among ITC Great Plains, as the borrower, various financial institutions and other persons from time to time parties thereto as lenders, JPMorgan Chase Bank, N.A., as administrative agent, J.P. Morgan Securities LLC, Barclays Bank PLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and Barclays Bank PLC and Wells Fargo Bank, National Association, as syndication agents.

· · · · · ·

Cautionary Language Concerning Forward Looking Statements

This communication contains certain statements that describe the beliefs of management of ITC Holdings Corp. (the “ Company ”) concerning the proposed merger involving Fortis Inc. (“ Fortis ”) and the Company and the Company’s future business conditions, plans and prospects, growth opportunities and the outlook for the Company’s business and the electric transmission industry based upon information currently available. Such statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wherever possible, the Company has identified these forward-looking statements by words such as “will”, “may”, “anticipates”, “believes”, “intends”, “estimates”, “expects”, “projects” and similar phrases. These forward-looking statements are based upon assumptions the Company’s management believes are reasonable. Such forward-looking statements are subject to risks and uncertainties which could cause the Company’s actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among other things, (a) the risks and uncertainties disclosed in the Company’s annual report on Form 10-K and the Company’s quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) from time to time and (b) the following transactional factors (in addition to others described elsewhere in this document and in subsequent filings with the SEC): (i) risks inherent in the contemplated merger, including: (A) failure to obtain approval by the Company’s shareholders; (B) failure to obtain regulatory approvals necessary to consummate the merger or to obtain regulatory approvals on favorable terms; (C) delays in consummating the merger or the failure to consummate the merger; and (D) exceeding the expected costs of the merger; (ii) legislative and regulatory actions, and (iii) conditions of the capital markets during the periods covered by the forward-looking statements.

Because the Company’s forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Company’s control or are subject to change, actual results could be materially different and any or all of the Company’s forward-looking statements may turn out to be wrong. They speak only as of the date made and can be affected by assumptions the Company might make or by known or unknown risks and uncertainties. Many factors mentioned in this document and the exhibits hereto and in the Company’s annual and quarterly reports will be important in determining future results. Consequently, the Company cannot assure you that the Company’s expectations or forecasts expressed in such forward-looking statements will be achieved. Except as required by law, the Company undertakes no obligation to publicly update any of the Company’s forward-looking or other statements, whether as a result of new information, future events, or otherwise.

The merger is subject to certain conditions precedent, including regulatory approvals and approval of the Company’s shareholders. The Company cannot provide any assurance that the proposed merger will be completed, nor can it give assurances as to the terms on which such merger will be consummated.

Additional Information And Where To Find It

This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed acquisition of ITC by Fortis. In connection with this proposed merger, Fortis has filed with the SEC a registration statement on Form F-4 that includes the proxy statement of ITC and also constitutes a prospectus of Fortis. This communication is not a substitute for the proxy statement/prospectus or any other document ITC filed or to be filed with the SEC in connection with the proposed merger. INVESTORS AND SECURITY HOLDERS OF ITC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ITC, FORTIS, THE PROPOSED MERGER AND RELATED MATTERS. The definitive proxy statement/prospectus will be mailed to shareholders of ITC. The proxy statement/prospectus and other documents relating to the proposed merger (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. The documents, when available, can also be obtained free of charge from ITC upon written request to ITC, Investor Relations, 27175 Energy Way, Novi, MI 48377 or by calling 248-946-3000.

PARTICIPANTS IN SOLICITATION

ITC and certain of its directors and executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies from shareholders of ITC in connection with the proposed merger under the rules of the SEC. Information regarding the persons who may, under the rules of the SEC, be deemed participants in such solicitation in connection with the proposed merger will be set forth in the proxy statement if and when it is filed with the SEC. Information about the directors and executive officers of ITC may be found (when available) in its 2015 Annual Report on Form 10-K, its Proxy Statement on Schedule 14A relating to its 2016 Annual Meeting of Shareholders and its Proxy Statement on Schedule 14A relating to its 2016 Special Meeting of Shareholders, in each case as filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

April 11, 2016

	ITC HOLDINGS CORP.

	By:	/s/ Christine Mason Soneral
		Christine Mason Soneral
	Its:	Senior Vice President and General Counsel

Exhibit 10.1

EXECUTION VERSION

AMENDMENT NO. 1

Dated as of April 07, 2016

CREDIT AGREEMENT

Dated as of March 28, 2014

THIS AMENDMENT NO. 1 (this “ Amendment ”) is made as of April 07, 2016 by and among ITC HOLDINGS CORP., a Delaware corporation (the “ Borrower ”), the financial institutions listed on the signature pages hereof and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “ Administrative Agent ”), under that certain Revolving Credit Agreement dated as of March 28, 2014 by and among the Borrower, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “ Credit Agreement ”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement;

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.

1. Amendments to the Credit Agreement . Effective as of the date of satisfaction of the conditions precedent set forth in Section 2 below, the parties hereto agree that the Credit Agreement is hereby amended as follows:

(a) Section 1.1 of the Credit Agreement is amended to amend and restate the definition of “Capital Stock” now appearing therein in its entirety as follows:

“ Capital Stock ” shall mean (i) at any time prior to the effectiveness of the Specified Transaction, common shares, preferred shares or other equivalent equity interests (howsoever designated) of capital stock of a corporation, equity preferred or common interests or membership interests in a limited liability company, limited or general partnership interests in a partnership or any other equivalent of such ownership interest or (ii) at any time from and after the effectiveness of the Specified Transaction, shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing.

(b) Section 1.1 of the Credit Agreement is amended to amend and restate the

definition of “Change of Ownership” now appearing therein in its entirety as follows:

“ Change of Ownership ” shall mean and be deemed to have occurred if:

(i) at any time prior to the effectiveness of the Specified Transaction, (a) any person or group (within the meaning of the Securities Exchange Act of 1934, as amended, and the rules of the Securities and Exchange Commission thereunder) shall become, directly or indirectly, the beneficial owner of capital stock representing more than 35% of the ordinary voting power represented by the issued and outstanding Voting Stock of the Borrower; and/or (b) a majority of the incumbent directors of the Borrower ceases to be persons who were either (x) directors of the Borrower on the Closing Date or (y) new directors (such persons being called herein “New Members”) appointed or nominated for election by one or more persons who were members of the board of directors of the Borrower on the Closing Date or who were appointed or nominated by one or more such New Members whether or not they were members on the Closing Date; or

(ii) at any time on and after the effectiveness of the Specified Transaction (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934, as amended, and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), of Capital Stock representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of Fortis; or (b) Fortis ceases to own, directly or indirectly, and Control 80% or more of the ordinary voting power of the Borrower, free and clear of Liens other than Liens of the type described in clauses (a), (b), or (e)(i) (to the extent the obligations in respect of such judgments or decrees under such clause (e)(i) have been bonded for the full amount in dispute) of the definition of “Permitted Liens”; or (c) occupation of a majority of the seats (other than vacant seats) on the board of directors of Fortis by Persons who were neither (i) nominated, appointed or approved for consideration by shareholders for election by the board of directors of Fortis nor (ii) appointed by directors so nominated, appointed or approved.

(c) Section 1.1 of the Credit Agreement is amended to amend and restate the definition of “Control”, “Controls” and “Controlled” now appearing therein in its entirety as follows:

“ Control ”, “ Controls ” and “ Controlled ”, when used with respect to any Person, shall mean (i) at any time prior to the effectiveness of the Specified Transaction, the power to direct the management and policies of such Person, directly or indirectly, whether through ownership of Voting Stock, by contract or otherwise or (ii) at any time on and after the effectiveness of the Specified Transaction, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

(d) Section 1.1 of the Credit Agreement is amended to amend and restate clause (d) of the definition of “Defaulting Lender” now appearing therein in its entirety as follows:

(d) has become, or has a Parent that has become, the subject of a Bankruptcy Event or a Bail-In Action

(e) Section 1.1 of the Credit Agreement is amended to insert the following new definitions alphabetically therein:

“ Amendment No. 1 Effective Date ” shall mean April 07, 2016.

“ Bail-In Action ” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

“ Bail-In Legislation ” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

“ EEA Financial Institution ” means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“ EEA Member Country ” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“ EEA Resolution Authority ” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“ EU Bail-In Legislation Schedule ” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

“ Fortis ” means Fortis Inc., a corporation organized under the Corporation Act of Newfoundland and Labrador.

“ Specified Transaction ” shall mean the consummation of the transactions contemplated pursuant to that certain Agreement and Plan of Merger, dated as of February 9, 2016, among Fortis US Inc., Element Acquisition Sub Inc., Fortis and the Borrower, as in effect as of the Amendment No. 1 Effective Date.

“ Write-Down and Conversion Powers ” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

(f) Section 5.3 of the Credit Agreement is amended to insert the following new clause (g) at the end thereof:

(g) For purposes of determining withholding Taxes imposed under FATCA, from and after the Amendment No. 1 Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement and the Revolving Credit Loans as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

(g) Article 12 of the Credit Agreement is amended to insert the following new Section 12.22 at the end thereof:

12.22 Acknowledgment and Consent to Bail-In of EEA Financial Institutions . Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under this Agreement or any related loan document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

(i) a reduction in full or in part or cancellation of any such liability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other related loan document; or

(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

2. Conditions of Effectiveness . The effectiveness of this Amendment is subject to the conditions precedent that the Administrative Agent shall have received (i) counterparts of this Amendment duly executed by the Borrower, the Required Lenders and the Administrative Agent and (ii) payment and/or reimbursement of the Administrative Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced, reasonable and documented fees and expenses of counsel for the Administrative Agent) in connection with this Amendment, the Credit Agreement and the other related loan documents.

3. Representations and Warranties of the Borrower . The Borrower hereby represents and warrants as follows:

(a) This Amendment and the Credit Agreement as modified hereby constitute legal,

valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except as the enforcement thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity.

(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower set forth in the Credit Agreement, as amended hereby, are true and correct in all material respects (or in all respects if the applicable representation or warranty is qualified by Material Adverse Effect or materiality) on and as of the date hereof and after giving effect to this Amendment, except to the extent such representation or warranty specifically relates to an earlier date in which case such representation or warranty shall be true and correct in all material respects (or in all respects if the applicable representation or warranty is qualified by Material Adverse Effect or materiality) as of such earlier date.

4. Reference to and Effect on the Credit Agreement .

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other related loan document shall mean and be a reference to the Credit Agreement as amended hereby.

(b) The Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

(c) Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

(d) This Amendment shall constitute a loan document related to the Credit Agreement.

5. Governing Law . This Amendment shall be construed in accordance with and governed by the law of the State of New York.

6. Headings . Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

7. Counterparts . This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first above written.

		ITC HOLDINGS CORP.,
		as the Borrower


		By:	/s/ Rejji P. Hayes
		Name:	Rejji P. Hayes
		Title:	Senior Vice President and Chief Financial Officer

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		JPMORGAN CHASE BANK, N.A.,
		individually as a Lender, as a Letter of Credit Issuer and
		as Administrative Agent


		By:	/s/ Nancy R. Barwig
		Name:	Nancy R. Barwig
		Title:	Credit Risk Director

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		BARCLAYS BANK PLC,
		individually as a Lender and as a Letter of Credit Issuer


		By:	/s/ Christopher Aitkin
		Name:	Christopher Aitkin
		Title:	Assistant Vice President

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		WELLS FARGO BANK, N.A.,
		individually as a Lender and as a Letter of Credit Issuer


		By:	/s/ Nick Schmiesing
		Name:	Nick Schmiesing
		Title:	Director

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		Credit Suisse AG Cayman Islands Branch,
		as a Lender


		By:	/s/ Robert Hetu
		Name:	Robert Hetu
		Title:	Authorized Signatory


		By:	/s/ Lorenz Meier
		Name:	Lorenz Meier
		Title:	Authorized Signatory

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		DEUTSCHE BANK AG NEW YORK BRANCH,
		individually as a Lender


		By:	/s/ Virginia Cosenza
		Name:	Virginia Cosenza
		Title:	Vice President


		By:	/s/ Ming K. Chu
		Name:	Ming K. Chu
		Title:	Director

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		MORGAN STANLEY BANK, N.A.,
		individually as a Lender

		By:	/s/ Patrick Layton
		Name:	Patrick Layton
		Title:	Authorized Signatory

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		GOLDMAN SACHS BANK USA,
		individually as a Lender


		By:	/s/ Jerry Li
		Name:	Jerry Li
		Title:	Authorized Signatory

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		Bank of America N.A.,
		individually as a Lender


		By:	/s/ Carlos Morales
		Name:	Carlos Morales
		Title:	SVP

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		Mizuho Bank, Ltd.,
		individually as a Lender


		By:	/s/ Nelson Chang
		Name:	Nelson Chang
		Title:	Authorized Signatory

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		COMERICA BANK,
		individually as a Lender

		By:	/s/ Nicole Swigert
		Name:	Nicole Swigert
		Title:	Vice President

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		PNC Bank, National Association,
		individually as a Lender


		By:	/s/ Jon Hinard
		Name:	Jon Hinard
		Title:	Managing Director

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

		CoBank, ACB, individually as a Lender


		By:	/s/ John H. Kemper
		Name:	John H. Kemper
		Title:	Vice President

Signature Page to Amendment No. 1 to

Revolving Credit Agreement dated as of March 28, 2014

ITC HOLDINGS CORP.

Exhibit 10.2

EXECUTION VERSION

AMENDMENT NO. 1

Dated as of April 07, 2016

CREDIT AGREEMENT

Dated as of March 28, 2014

THIS AMENDMENT NO. 1 (this “ Amendment ”) is made as of April 07, 2016 by and among INTERNATIONAL TRANSMISSION COMPANY, a Michigan corporation (the “ Borrower ”), the financial institutions listed on the signature pages hereof and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “ Administrative Agent ”), under that certain Revolving Credit Agreement dated as of March 28, 2014 by and among the Borrower, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “ Credit Agreement ”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement;

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;

(a) Section 1.1 of the Credit Agreement is amended to amend and restate the definition of “Capital Stock” now appearing therein in its entirety as follows:

(b) Section 1.1 of the Credit Agreement is amended to amend and restate the

definition of “Change of Ownership” now appearing therein in its entirety as follows:

“ Change of Ownership ” shall mean and be deemed to have occurred if:

(i) at any time prior to the effectiveness of the Specified Transaction, (a) any person or group (within the meaning of the Securities Exchange Act of 1934, as amended, and the rules of the Securities and Exchange Commission thereunder) shall become, directly or indirectly, the beneficial owner of capital stock representing more than 35% of the ordinary voting power represented by the issued and outstanding Voting Stock of ITC Holdings; and/or (b) ITC Holdings ceases to own, directly or indirectly, 85% of the Capital Stock of the Borrower, free and clear of any Liens, other than Liens of the type described in clauses (a), (b) or (c) (to the extent the obligations in respect of such judgments or decrees under such clause (c) have been bonded for the full amount in dispute) of the definition of “Permitted Liens”; and/or (c) a majority of the incumbent directors of ITC Holdings ceases to be persons who were either (x) directors of ITC Holdings on the Closing Date or (y) new directors (such persons being called herein “New Members”) appointed or nominated for election by one or more persons who were members of the board of directors of ITC Holdings on the Closing Date or who were appointed or nominated by one or more such New Members whether or not they were members on the Closing Date; or

(ii) at any time on and after the effectiveness of the Specified Transaction (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934, as amended, and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), of Capital Stock representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of Fortis; or (b) Fortis ceases to own, directly or indirectly, and Control 80% or more of the ordinary voting power of ITC Holdings, free and clear of Liens other than Liens of the type described in clauses (a), (b) or (c) (to the extent the obligations in respect of such judgments or decrees under such clause (c) have been bonded for the full amount in dispute) of the definition of “Permitted Liens”; or (c) ITC Holdings ceases to own, directly or indirectly, 85% of the Capital Stock of the Borrower, free and clear of any Liens, other than Liens of the type described in clauses (a), (b) or (c) (to the extent the obligations in respect of such judgments or decrees under such clause (c) have been bonded for the full amount in dispute) of the definition of “Permitted Liens”; or (d) occupation of a majority of the seats (other than vacant seats) on the board of directors of Fortis by Persons who were neither (i) nominated, appointed or approved for consideration by shareholders for election by the board of directors of Fortis nor (ii) appointed by directors so nominated, appointed or approved.