FirstEnergy Corp. (FE), Monday announced offering of convertible senior notes due 2029 worth $950 million, and convertible senior notes due 2031 worth $850 million.
Additionally, the company intends to offer each of the initial purchasers an option to buy upto an additional $150 million aggregate principal amount of the 2029 notes and an additional $150 million aggregate principal amount of the 2031 notes.
The company plans to use the proceeds mainly to repurchase all or a portion of the $1.5 billion outstanding of its 4.00% convertible senior notes due May 1, 2026, and repayment, redemption or refinancing of existing indebtedness.
In the pre-market hours, FE is trading at $40.14, down 1.25 percent on the New York Stock Exchange.
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