FirstEnergy Transmission, LLC: debt financing — FirstEnergy Transmission extends $1B credit facility to 2030, removes 10bp credit spread adjustment

FirstEnergy Transmission, LLC

FET $1.0B credit agreement maturity extended from Oct 20, 2029 to Oct 20, 2030.
10 basis point credit spread adjustment removed from interest rate calculation.
One-week interest period based on daily simple SOFR added for Term Benchmark Advances.
FET subsidiaries’ $850M facility maturity extended to Oct 18, 2029 (from Oct 18, 2028) with same terms.
No defaults or material adverse changes; all conditions for effectiveness satisfied.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FirstEnergy Transmission, LLC amended credit facility with JPMorgan Chase Bank, N.A. at remove the 10 basis point credit spread adjustment from the interest rate calcul maturing October 20, 2030.

Instrument: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Rate: remove the 10 basis point credit spread adjustment from the interest rate calcul
Maturity: October 20, 2030
Event: amendment

Exact text from the filing

the Credit Agreement was amended to, among other things: (i) remove the 10 basis point credit spread adjustment from the interest rate calculation; (ii) permit a one-week interest period for any Term Benchmark Advance (as defined in the Amendment) based upon daily simple SOFR (as defined in the Amendment); and (iii) extend the maturity date from October 20, 2029 to October 20, 2030.

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Source: SEC EDGAR

accession 0002038118-25-000033

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