FirstEnergy amends, extends three multi-year syndicated revolvers

By Tali David

Minneapolis, May 13 - FirstEnergy Corp. and some of its subsidiaries entered into extensions and amendments to three existing multi-year syndicated revolving credit facilities, according to an 8-K filed with the Securities and Exchange Commission.

Under the new agreements, commitments under each of the following facilities will be available until May 8, 2018 unless an additional one-year extension is requested and lender approval given:

• The $2 billion credit agreement, dated June 17, 2011, as amended, among FirstEnergy, Cleveland Electric Illuminating Co., Metropolitan Edison Co., Ohio Edison Co., Pennsylvania Power Co., Toledo Edison Co., Jersey Central Power & Light Co., Monongahela Power Co., Pennsylvania Electric Co., Potomac Edison Co. and West Penn Power Co., as borrowers, Royal Bank of Scotland plc, as administrative agent, and the lending banks, fronting banks and swingline lenders (FirstEnergy facility);

• The $2.5 billion credit agreement, dated June 17, 2011, as amended, among FirstEnergy Solutions Corp. and Allegheny Energy Supply Co., LLC, as borrowers, and JPMorgan Chase Bank, NA, as administrative agent, and the lending banks, fronting banks and swingline lenders (FES/AE Supply facility); and

• The $1 billion credit agreement, dated May 8, 2012, among FirstEnergy Transmission, LLC, American Transmission Systems, Inc. and Trans-Allegheny Interstate Line Co., as borrowers, and PNC Bank, NA, as administrative agent, and the lending banks and fronting banks.

In addition, the FirstEnergy facility was further amended to increase the lending banks' commitments by $500 million to a total of $2.5 billion and to increase the individual borrower sublimits for FirstEnergy by $500 million to a total of $2.5 billion and for Jersey Central Power & Light Co. by $175 million to a total of $600 million.

The FirstEnergy Facility and FES/AE Supply Facility were also amended to carve out of the restriction on asset sales the proposed sale of certain hydro facilities recently announced by FirstEnergy.

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

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