FirstEnergy Transmission, LLC Announces Extension of Exchange Offer for its 4.750% Senior Notes Due 2033

FirstEnergy Transmission (NYSE: FE) extended its exchange offer for up to $450,000,000 aggregate principal amount of its 4.750% Senior Notes due 2033.

Rhea-AI Summary

FirstEnergy Transmission (NYSE: FE) extended its exchange offer for up to $450,000,000 aggregate principal amount of its 4.750% Senior Notes due 2033. The offer, previously set to expire January 7, 2026, now expires at 5:00 p.m. New York City time on January 21, 2026, unless further extended. As of 5:00 p.m. on January 7, 2026, holders tendered $449,480,000 (99.88%) of the Outstanding Notes. The New Notes are registered under the Securities Act through a prospectus dated December 5, 2025, and the registration statement on Form S-4 (File No. 333-291265) was declared effective December 3, 2025. The exchange agent is U.S. Bank Trust Company, National Association.

Positive

• Exchange offer size: $450,000,000 aggregate principal amount
• Tendered amount: $449,480,000 (99.88%) as of Jan 7, 2026
• Registration: New Notes registered under the Securities Act via Form S-4 declared effective Dec 3, 2025

Negative

• Expiration extended from Jan 7, 2026 to Jan 21, 2026, delaying final completion

Argus Jan 8 session

+0.29% close to close Open Argus

Details

News Market Reaction – FE

On Jan 8, the day this news came out, FE closed 0.29% above the previous close.

Data tracked by StockTitan Argus for the Jan 8 session.

Key Figures

Exchange offer size: $450 million Coupon rate: 4.750% Notes tendered: $449,480,000 +5 more

Exchange offer size

$450 million

Aggregate principal amount of Outstanding 4.750% Senior Notes due 2033 in offer

Coupon rate

4.750%

Interest rate on Senior Notes due 2033

Notes tendered

$449,480,000

Aggregate principal amount tendered as of Jan. 7, 2026

Tender participation

99.88%

Portion of Outstanding Notes tendered by Jan. 7, 2026

Original expiration

5:00 p.m. Jan. 7, 2026

Prior scheduled exchange offer expiration (New York City time)

New expiration

5:00 p.m. Jan. 21, 2026

Extended exchange offer expiration (New York City time)

Customers served

more than 6 million

Electric distribution customers in six states

Transmission mileage

approximately 24,000 miles

Transmission lines operated by subsidiaries

Historical Context

5 past events · Latest: Dec 19

5 events

1. Dec 19

   Regulatory settlement

   24h Move

   -0.9%

   PUCO settlement with $275M in customer benefits and Ohio investment plans.

2. Dec 17

   Dividend declaration

   24h Move

   +0.3%

   Quarterly dividend of $0.445 per share declared for March 2026 payment.

3. Dec 17

   Grid investment

   24h Move

   +1.1%

   69-kV line rebuild and $28M project within broader $28B Energize365 program.

4. Dec 16

   Philanthropy update

   24h Move

   -1.3%

   Foundation grants totaling $20,000 to two Pennsylvania nonprofits.

5. Dec 16

   Philanthropy update

   24h Move

   -1.3%

   Foundation grants totaling $20,000 to two Ohio nonprofits as part of $100,000 program.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

exchange offer, senior notes, registration statement, form s-4, +1 more

5 terms

exchange offer financial

"it extended its offer to exchange (the "exchange offer") up to $450 million"

An exchange offer is a proposal where a company asks investors to swap existing securities, like bonds or shares, for new ones, often with different terms or maturity dates. It matters to investors because it can affect the value of their holdings and the company's financial strategy, potentially providing benefits like better interest rates or reduced debt.

senior notes financial

"its outstanding 4.750% Senior Notes due 2033 (the "Outstanding Notes")"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

registration statement regulatory

"filed with the Securities and Exchange Commission as part of the Company's Registration Statement on Form S-4"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

form s-4 regulatory

"Registration Statement on Form S-4 (File No. 333-291265)"

A Form S-4 is a legal document that companies file with the government to announce and explain a major business move, such as a merger or acquisition. It provides detailed information to help investors understand how the deal might affect the company's value and future prospects, similar to a detailed blueprint that clarifies the impact of a significant change.

forward-looking statements regulatory

"are "forward-looking statements" that involve risks and uncertainties"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAIRMONT, W.Va., Jan. 8, 2026 /PRNewswire/ -- FirstEnergy Transmission, LLC ("FET" or the "Company") a subsidiary of FirstEnergy Corp. (NYSE: FE) and a holding company of electric transmission companies operating in Ohio, Pennsylvania, West Virginia, Maryland and Virginia, today announced that it extended its offer to exchange (the "exchange offer") up to $450 million aggregate principal amount of its outstanding 4.750% Senior Notes due 2033 (the "Outstanding Notes") for an equal amount of 4.750% Senior Notes due 2033 registered under the Securities Act of 1933, as amended (the "Securities Act") (the "New Notes").

The exchange offer, previously scheduled to expire at 5:00 p.m., New York City time, on January 7, 2026, will now expire at 5:00 p.m., New York City time, on January 21, 2026, unless further extended. An aggregate principal amount of $449,480,000, or 99.88%, of the Outstanding Notes was tendered in the exchange offer as of 5:00 p.m., New York City time, on January 7, 2026.

The terms of the exchange offer are set forth in a prospectus dated December 5, 2025. Copies of the prospectus and the other exchange offer documents may be obtained from the exchange agent:

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
By Mail or in Person
U.S. Bank Trust Company, National Association
Attn: Corporate Actions
111 Fillmore Avenue
St. Paul, MN 55107-1402
For Email or Facsimile Transmission (for Eligible Institutions Only)
Email: cts.specfinance@usbank.com
Facsimile: (651) 466-7367
For Information and to Confirm by Telephone
(800) 934-6802

This news release is for informational purposes only and is neither an offer to buy or sell nor a solicitation of an offer to buy or sell any Outstanding Notes or New Notes. The exchange offer is being made only pursuant to the exchange offer prospectus, which is being distributed to holders of the Outstanding Notes and has been filed with the Securities and Exchange Commission as part of the Company's Registration Statement on Form S-4 (File No. 333-291265), which was declared effective on December 3, 2025.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X @FirstEnergyCorp.

Discussion of Forward-Looking Statements About FET

Statements in this document regarding FET that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, FET undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see FET's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Cautionary Note Regarding Forward-Looking Statements set forth in these filings and any updates to such risk factors and Cautionary Note Regarding Forward-Looking Statements contained in any subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

View original content to download multimedia:https://www.prnewswire.com/news-releases/firstenergy-transmission-llc-announces-extension-of-exchange-offer-for-its-4-750-senior-notes-due-2033--302655977.html

SOURCE FirstEnergy Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did FirstEnergy Transmission (FE) announce about its 4.750% notes due 2033 on January 8, 2026?

FirstEnergy Transmission extended its exchange offer for up to $450,000,000 of 4.750% Senior Notes due 2033, moving the expiration to Jan 21, 2026.

How much of the Outstanding 4.750% Senior Notes due 2033 were tendered in FE's exchange offer?

Holders tendered $449,480,000, representing 99.88% of the Outstanding Notes as of 5:00 p.m. on Jan 7, 2026.

When will the extended exchange offer for FE's 4.750% notes expire?

The extended exchange offer will expire at 5:00 p.m. New York City time on January 21, 2026, unless further extended.

Are the New Notes in FirstEnergy Transmission's exchange offer registered under the Securities Act?

Yes. The New Notes are registered under the Securities Act via a prospectus dated Dec 5, 2025 and Form S-4 declared effective on Dec 3, 2025.

Who is the exchange agent for FirstEnergy Transmission's exchange offer (FE)?

The exchange agent is U.S. Bank Trust Company, National Association; contact details were provided for mail, email, facsimile, and telephone.