FirstEnergy intends to repay term loans from new note offering

Chicago, Feb. 18 – FirstEnergy Corp. plans to repay two term loans using the proceeds from an offering of notes which priced on Tuesday, according to a 424B5 filing with the Securities and Exchange Commission.

The company plans to pay all amounts outstanding under the company’s term loan credit agreement from Oct. 19, 2018 with JP Morgan Chase Bank, NA as the administrative agent.

Additionally, FirstEnergy plans to repay a portion of its term loan dated Oct. 19, 2018 with Bank of Nova Scotia as administrative agent.

The company priced $1.75 billion of senior notes in three tranches.

Additional proceeds will be used for cash payments, certain tax payments pursuant to the FES bankruptcy settlement agreement, for working capital needs and for general corporate purposes.

The diversified energy holding company is based in Akron, Ohio.

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