FirstEnergy, unit draw $1.95 billion under revolvers

By Cady Vishniac

Detroit, Nov. 24 – FirstEnergy Corp. drew $950 million on Monday under its revolving credit facility with Mizuho bank, Ltd. as administrative agent, while subsidiary FirstEnergy Transmission, LLC drew $1 billion under its revolver with PNC Bank, NA as administrative agent.

Under FirstEnergy Corp.’s revolver, a maximum of $2.5 billion may be borrowed at one time. Under FirstEnergy Transmission’s revolver, a maximum of $1 billion may be borrowed. After the transaction, FirstEnergy Corp.’s revolver was drawn in the amount of $1.2 billion, with another $1.3 billion available. FirstEnergy Transmission’s revolver is drawn in the maximum amount and has no remaining availability.

The company says it drew the funds as a proactive measure to increase its cash position and preserve financial flexibility.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.