FirstEnergy and certain of its subsidiaries entered a $4 billion revolving credit facility agented by Mizuho, a $1 billion revolver agented by PNC and a $1.2 billion term loan agented by Bank of America.
The company also closed a $700 million two-year secured revolving credit facility as a lender with FirstEnergy Solutions as borrower.
According to a related 8-K filing, FE, the Cleveland Electric Illuminating Company, Metropolitan Edison Company, Ohio Edison Company, Pennsylvania Power Company, The Toledo Edison Company, Jersey Central Power & Light Company, Monongahela Power Company, Pennsylvania Electric Company, The Potomac Edison Company and West Penn Power Company are borrowers for the $4 billion revolving credit facility. Mizuho Bank is administrative agent.
The borrowers for the $1 billion five-year syndicated revolving credit are FirstEnergy Transmission, American Transmission Systems, Mid-Atlantic Interstate Transmission and Trans-Allegheny Interstate Line Company. PNC Bank served as administrative agent.
FE is the borrower for the $1.2 billion five-year syndicated term loan credit agreement with Bank of America as administrative agent.
In addition, FE, as lender, closed a $700 million two-year secured revolving credit and surety credit support agreement among FirstEnergy Solutions as borrower with FirstEnergy Generation and FirstEnergy Nuclear Generation as guarantors.
The new syndicated revolvers were used by the applicable borrowers to pay off outstanding obligations under the prior FE facility and prior FET facility at the time of their termination.