FirstEnergy Corporation has successfully completed a significant financing agreement, raising $2.5 billion through the issuance of convertible senior notes. On June 12, 2025, the company finalized its offering of $1.35 billion in 3.625% Convertible Senior Notes due 2029 and $1.15 billion in 3.875% Convertible Senior Notes due 2031. The transaction included a purchase option for additional notes, which was fully exercised by the initial purchasers. The offering was conducted under exemptions from registration, targeting qualified institutional buyers. FirstEnergy plans to utilize approximately $1.2 billion of the net proceeds to repurchase a portion of its outstanding 4.00% convertible senior notes due 2026, with the remaining funds allocated for debt repayment, general corporate purposes, or a combination thereof.
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