ITC Holdings (ITC) Enters $115M Common Stock Accelerated Buyback Plan

ITC Holdings (NYSE: ITC) announced that it has entered into an accelerated share repurchase program (ASR) with Barclays Bank PLC ("Barclays").

The ASR was entered into pursuant to a board-approved share repurchase program, which authorizes the repurchase of up to $250 million of shares through December 31, 2015. The company previously completed $130 million of accelerated share repurchases under the share repurchase program in December 2014.

"This program looks to execute up to $115 million of the remaining capacity of share repurchases approved by our board," said Joseph L. Welch, chairman, president and CEO. "We remain focused on delivering benefits to customers and creating value for investors, while maintaining the financial strength of the business."

Under the terms of the ASR, ITC has agreed to repurchase up to $115 million of its common stock from Barclays with an initial delivery of approximately 2.8 million shares. The final number of shares to be repurchased will be based on the volume-weighted average share price of the company's common stock during the term of the ASR, subject to certain adjustments pursuant to the terms and conditions of the ASR. The share repurchase is expected to be completed by year-end 2015.

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