This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

FirstEnergy Announces Expiration Of The Cash Tender Offer For FirstEnergy Solutions Corp.'s 6.05% Senior Notes Due 2021

Stocks in this article: FE

AKRON, Ohio, March 28, 2013 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) today announced the expiration of the previously announced cash tender offer (the "Offer") for the 6.05% Senior Notes due 2021 (the "Notes") issued by FirstEnergy Solutions Corp. ("FES") pursuant to the Offer to Purchase, dated February 28, 2013.  The Offer expired at 11:59 p.m., EDT, on March 27, 2013 (such time and date, the "Expiration Date").  According to information provided by Bondholder Communications Group, LLC, the Information and Tender Agent, for the Offer, as of the Expiration Date, the aggregate principal amount of the Notes validly tendered and not validly withdrawn pursuant to the Offer was $252,695,000, comprising 43.2% of the Notes outstanding.  All Notes validly tendered and not validly withdrawn in the Offer prior to the Expiration Date have been accepted for purchase.  FES expects to make payment for the Notes in same-day funds today, March 28, 2013. 

Holders of Notes that validly tendered and did not validly withdraw their Notes by 5:00 p.m., EDT, on March 13, 2013 (the "Early Tender Date"), and whose Notes were accepted for purchase are entitled to receive the previously announced Total Consideration of $1,189.71 per $1,000 principal amount of Notes, plus accrued and unpaid interest to, but excluding the date of settlement.  Holders of Notes that validly tendered their notes after the Early Tender Date and on or before the Expiration Date, and whose Notes were accepted for purchase, are entitled to receive the previously announced Tender Offer Consideration of $1,139.71 per $1,000 principal amount of Notes, plus accrued and unpaid interest up to, but excluding, the date of settlement.

Information Relating to the Offer

FirstEnergy retained Goldman Sachs & Co. and Morgan Stanley & Co. LLC to serve as Lead Dealer Managers for the Offer and BNP Paribas Securities Corp., KeyBanc Capital Markets Inc., Santander Investment Securities Inc. and Scotia Capital ( USA) Inc. to serve as Co-Dealer Managers for the Offer.  Bondholder Communications Group, LLC served as the Information and Tender Agent for the Offer.

For additional information regarding the terms of the Offer, please contact:  Goldman Sachs at 800-828-3182 (toll free) or 212-902-5183 (collect) or Morgan Stanley at 800-624-1808 (toll free) or 212-761-1057 (collect).  Questions regarding the tender of Notes may be directed to the Information and Tender Agent at 888-385-2663 (toll free) or 212-809-2663 (collect).

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs