FirstEnergy repays three term loans with private placement proceeds

By Marisa Wong

Morgantown, W.Va., Jan. 25 – FirstEnergy Corp. repaid in full the $1.2 billion outstanding under its five-year syndicated term loan credit agreement dated Dec. 6, 2016 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The borrowings were repaid using proceeds from a recently announced equity investment in the company.

The company terminated the 2016 loan agreement on Jan. 22.

In addition, the company terminated on Monday its $125 million three-year syndicated term loan credit agreement dated Feb. 16, 2017 with Bank of America as administrative agent and its $125 million three-year syndicated term loan credit agreement dated Feb. 16, 2017 with Bank of Nova Scotia as administrative agent.

Amounts outstanding under the 2017 loan agreements at the time of their termination were also repaid with proceeds from the private placement.

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

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