FirstEnergy Transmission, LLC, a unit of FirstEnergy Corp., extended the deadline for its 4.75% senior notes due 2033, allowing holders to exchange up to $450 million of the outstanding principal for new registered notes until January 21 2026. The extension follows a near‑full tender, with 99.88% of the $449.48 million principal already exchanged as of January 7 2026, leaving only a small balance of notes that can still be converted.
The move gives FirstEnergy Transmission additional flexibility to streamline its debt profile. By converting the remaining notes into registered securities, the company can improve liquidity and reduce the complexity of its debt structure. The extension also signals confidence in the market’s appetite for the company’s debt, as the high participation rate indicates strong investor support.
FirstEnergy Corp. carries a $27.5 billion debt load, and the exchange is part of a broader strategy to manage that burden while funding its “Energize365” grid‑modernization program. The company’s recent BBB+ credit rating upgrade reflects improved governance and a solid financial footing, which supports the timing of the exchange.
The exchange offer is a routine but significant financing event that aligns with FirstEnergy’s goal of maintaining a robust capital structure across its operating states—Ohio, Pennsylvania, West Virginia, Maryland, and Virginia—while investing in reliability and resilience.
The extension does not alter the terms of the notes; holders who wish to convert can still do so under the same exchange ratio and pricing as originally announced. The company’s management emphasized that the extension is a proactive step to ensure all remaining noteholders have the opportunity to participate before the original deadline.
Overall, the extension reflects FirstEnergy Transmission’s disciplined approach to debt management and its commitment to supporting long‑term infrastructure investments without compromising financial flexibility.
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