FirstEnergy closes $2.5B convertible note offering; plans $1.2B buyback of 2026 notes

FIRSTENERGY CORP

Issued $1.35B of 3.625% convertible notes due 2029 and $1.15B of 3.875% notes due 2031.
Net proceeds ~$2.47B after discounts and expenses; includes full exercise of greenshoe for $350M.
Will use ~$1.2B to repurchase a portion of its $1.5B outstanding 4.00% convertible notes due 2026.
Initial conversion price of $47.78 per share (20% premium over June 9 closing price).
Remaining proceeds for debt repayment, refinancing, or general corporate purposes.

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