FirstEnergy Corp. announced the early participation results of its previously announced cash tender offer (Tender Offer), and its decision to upsize the Maximum Tender Amount (as defined below) to $1.1 billion. FirstEnergy is utilizing the Tender Offer to purchase certain outstanding debt and reduce its leverage, consistent with its plans to reduce debt at the holding company level. Notes that are accepted in the Tender Offer will be purchased, retired and cancelled and will no longer remain outstanding obligations of FirstEnergy.
Previously, FirstEnergy announced an offer to purchase for cash up to an amended Maximum Tender Amount of its 7.375% Notes, Series C, due 2031 (2031 Notes) and 4.85% Notes, Series C, due 2047 (which, pursuant to their terms, accrue interest at a rate of 5.35% per annum as of the date of this news release) (2047 Notes and, together with the 2031 Notes, the Notes and, each, a Series of Notes). FirstEnergy has amended the terms of the Tender Offer to increase the maximum combined aggregate purchase price, including principal and premium but excluding accrued and unpaid interest, of Notes subject to the Tender Offer (Maximum Tender Amount) from $800 million to $1.1 billion. Participation results from the Tender Offer, shown below, are as of 5:00 p.m., New York City time, on June 13, 2022 (Early Tender Time).