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FirstEnergy draws down $1.95 billion from two revolvers
By Cady Vishniac
Detroit, Nov. 24 – FirstEnergy Corp. drew $950 million Monday under its revolving credit facility with Mizuho Bank, Ltd. as administrative agent, while subsidiary FirstEnergy Transmission, LLC drew $1 billion under its revolving credit facility with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
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.
Fitch Ratings downgraded FirstEnergy to BB+ from BBB- on Friday.
The diversified energy holding company is based in Akron, Ohio.
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