AKRON, Ohio, June 23, 2004 — FirstEnergy Corp. announced the replacement of $1 billion of credit commitments that, combined with other existing credit facilities, brings the total capacity of FirstEnergy’s primary credit facilities and those of its subsidiaries to $2.3 billion.
The new FirstEnergy $1 billion, three-year senior unsecured revolving credit facility replaces two 364-day facilities — one totaling $375 million for FirstEnergy and the other totaling $125 million for Ohio Edison, both of which were scheduled to expire in October 2004 — and a three-year, $500 million FirstEnergy facility, which was scheduled to expire in November of 2004.
“This transaction meets our goal of maintaining ample liquidity and financial flexibility, and reflects strong support from our banking partners,” said FirstEnergy Senior Vice President and Chief Financial Officer Richard H. Marsh.
Other existing credit facilities of FirstEnergy and its operating companies include $500 million of three-year facilities expiring in October 2006, and $834 million of other credit facilities with various expiration dates.
Citigroup Global Markets Inc. and Barclays Capital served as Joint Lead Arrangers for the transaction, which included 20 banks. Total bank commitments for the facility exceeded FirstEnergy’s $1 billion syndication target by $420 million and were reduced at FirstEnergy’s request.
FirstEnergy is a registered public utility holding company headquartered in Akron, Ohio. Its subsidiaries and affiliates currently are involved in the generation, transmission and distribution of electricity; exploration and production of oil and natural gas; transmission and marketing of natural gas; and energy management and other energy-related services.