FirstEnergy Transmission, LLC Announces Launch of Exchange Offer For its 4.750% Senior Notes Due 2033

Rhea-AI Summary

FirstEnergy Transmission (NYSE: FE) launched an exchange offer on Dec 5, 2025 to swap up to $450 million aggregate principal amount of its outstanding 4.750% Senior Notes due 2033 for an equal amount of registered 4.750% Senior Notes due 2033. The exchange offer expires at 5:00 p.m. New York City time on January 7, 2026, unless extended; tenders may be withdrawn prior to expiration.

The offer is made to satisfy a registration rights agreement and does not represent a new financing transaction. The exchange prospectus is dated Dec 5, 2025 and the related Registration Statement on Form S-4 was declared effective on Dec 3, 2025.

Positive

• $450 million aggregate principal eligible for exchange
• New Notes registered under the Securities Act, improving transferability
• Registration Statement on Form S-4 declared effective Dec 3, 2025

Negative

• The exchange does not raise new cash or constitute new financing

Key Figures

Exchange offer size $450 million Aggregate principal of 4.750% Senior Notes due 2033 in exchange offer

Coupon rate 4.750% Interest rate on Senior Notes due 2033

Exchange offer expiry 5:00 p.m. Jan 7, 2026 Expiration time for tendering Outstanding Notes

Securities Act year 1933 New Notes registered under Securities Act of 1933, as amended

Form S-4 file number 333-291265 Registration Statement on Form S-4 for the exchange offer

S-4 effectiveness date December 3, 2025 SEC declared Registration Statement on Form S-4 effective

Market Reality Check

$45.14 Last Close

Volume Volume 5,055,667 is modestly above the 20-day average of 4,721,049 (relative volume 1.07). normal

Technical Price $45.14 is trading above the 200-day MA at $42.70, indicating a pre-news uptrend bias.

Peers on Argus

Peers show mixed moves, from -1.64% (PPL) to +1.96% (ES), suggesting today’s backdrop is more stock-specific than a clear sector trend for FE.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 01	Grid upgrade plan	Positive	-2.7%	Announced $368M grid rebuild under broader $28B Energize365 investment.
Dec 01	Education grant	Positive	-2.7%	FirstEnergy Foundation awarded $10,000 grant to York College program.
Dec 01	Customer assistance	Positive	-2.7%	Promoted Universal Service Fund help event for JCP&L customers.
Nov 20	Solar operations	Positive	+0.7%	Solar grazing program at Fort Martin 18.9 MW solar site using 350 sheep.
Nov 20	Supply auction info	Neutral	+0.7%	Announced Ohio utilities’ 2026 supply auction and bidder information session.

Pattern Detected

Recent community and infrastructure updates often coincided with modest negative reactions, while operational/auction-related news saw small gains.

Recent Company History

This announcement follows a series of operational and community-focused updates. On Dec 1, 2025, FirstEnergy highlighted a $368 million grid upgrade under its $28 billion Energize365 program and separate community and assistance initiatives, all accompanied by a -2.7% move. Earlier, on Nov 20, 2025, solar grazing at a 30 MW program and an Ohio supply auction information session saw modest +0.71% reactions. Compared with those items, today’s FET note exchange offer is more capital-structure oriented than customer or community focused.

Market Pulse Summary

This announcement centers on an exchange offer for up to $450 million of 4.750% Senior Notes due 2033, swapping unregistered securities for notes registered under the Securities Act of 1933. The company states this is not a new financing transaction, but rather fulfills obligations under a registration rights agreement. Investors may track related SEC filings, such as the effective Form S-4, alongside recent operational and regulatory updates to gauge the broader credit and strategic backdrop.

Key Terms

exchange offer financial

"today announced an offer to exchange up to $450 million aggregate principal"

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

"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 rights agreement financial

"to satisfy the Company's obligations under a registration rights agreement entered into"

A registration rights agreement is a contract that gives investors the option to have their ownership stakes officially registered with the government, making it easier to sell their shares later. This agreement matters because it provides investors with a clearer path to cash out their investments if they choose, offering more liquidity and confidence in their ability to sell their holdings when desired.

registration statement on form s-4 regulatory

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

A registration statement on Form S-4 is a formal filing with the U.S. Securities and Exchange Commission used when a company issues shares or other securities as part of a merger, acquisition, exchange offer or similar corporate deal. It bundles the transaction terms, financial statements, risk factors and shareholder vote materials so investors can assess the deal; think of it as a detailed prospectus or buyer’s packet that explains what you would own and how the deal could change your stake.

forward-looking statements regulatory

"Statements in this document regarding FET that are not historical facts are "forward-looking statements""

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. Not financial advice.

FAIRMONT, W.Va., Dec. 5, 2025 /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 an offer to exchange 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 "New Notes").

The exchange offer will expire at 5:00 p.m., New York City time, on January 7, 2026, unless extended. Tenders of Outstanding Notes must be made before the exchange offer expires and may be withdrawn any time prior to the expiration of the exchange offer. The exchange offer is being made to satisfy the Company's obligations under a registration rights agreement entered into in connection with the issuance of the Outstanding Notes and does not represent a new financing transaction.

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.

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.

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SOURCE FirstEnergy Corp.

FAQ

What is the exchange offer FirstEnergy Transmission (FE) launched on Dec 5, 2025?

FE offered to exchange up to $450 million of outstanding 4.750% Senior Notes due 2033 for an equal amount of registered 4.750% Senior Notes due 2033.

When does the FirstEnergy Transmission (FE) exchange offer for 4.750% notes expire?

The exchange offer expires at 5:00 p.m. New York City time on January 7, 2026, unless extended.

Does the FirstEnergy Transmission (FE) exchange offer raise new financing or proceeds?

No; the exchange offer is being made to satisfy a registration rights agreement and does not represent a new financing transaction.

What are the terms of the New Notes in FE's Dec 5, 2025 exchange offer?

The New Notes are 4.750% Senior Notes due 2033 and are registered under the Securities Act of 1933.

How can holders obtain the prospectus or exchange documents for FE's offer?

Copies of the prospectus and exchange documents are available from the exchange agent, U.S. Bank Trust Company, National Association, via the contact details in the prospectus.

Was FirstEnergy Transmission's Registration Statement for the exchange offer effective before the Dec 5, 2025 prospectus?

Yes; the company's Registration Statement on Form S-4 (File No. 333-291265) was declared effective on Dec 3, 2025.