FirstEnergy, subsidiary reduce sublimits under $1.5 billion facility

By Wendy Van Sickle

Columbus, Ohio, Sept. 6 – FirstEnergy Solutions Corp. and its subsidiary Allegheny Energy Supply Co., LLC on Aug. 30 reduced their borrower sublimits under their joint credit agreement to $1 billion from $1.5 billion and to $600 million from $900 million respectively on Aug. 30, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement is dated June 17, 2011with JPMorgan Chase Bank, NA as administrative agent. The total facility size remains $1.5 billion.

The reductions are meant to facilitate the allocation of commitment fees on the unused portion of each borrower’s sublimit in the case of split ratings between the two borrowers, according to the filing.

FirstEnergy is a diversified energy company based in Akron, Ohio.

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