Greensburg, Pa. – September 19, 2026 -- FirstEnergy Pennsylvania Electric Company (FE PA), a subsidiary of FirstEnergy Corp., has launched an exchange offer covering $850 million in outstanding senior notes, swapping unregistered debt for SEC-registered equivalents with identical terms.
Company to exchange $300 million and $550 million note tranches
The offer applies to up to $300 million aggregate principal of unregistered 4.150% Senior Notes due 2028 and up to $550 million of unregistered 4.550% Senior Notes due 2031. Holders will receive a like principal amount of registered New Notes carrying the same coupon and maturity terms.
Deal fulfills registration rights obligations, not new capital raise
FE PA stated the exchange satisfies obligations under registration rights agreements tied to the original note issuances and does not constitute a new financing transaction. The terms are detailed in a prospectus dated September 17, 2026, filed as part of the Company's Registration Statement on Form S-4 (File No. 333-298694), which the SEC declared effective on September 15, 2026.
Offer expires October 16, 2026, with U.S. Bank as exchange agent
The exchange offer will expire at 5:00 p.m. New York City time on October 16, 2026, unless extended. Tenders must be submitted before expiration and may be withdrawn any time prior to that deadline. U.S. Bank Trust Company, National Association, is serving as exchange agent, handling documentation via mail, email or facsimile for eligible institutions.
FE PA operates four regional utility brands across Pennsylvania and New York
FE PA operates under the names Penn Power, Penelec, Met-Ed and West Penn Power. Penn Power serves approximately 173,000 customers across six western Pennsylvania counties; Penelec serves about 597,000 customers across 17,600 square miles of northern and central Pennsylvania and western New York; Met-Ed serves roughly 592,000 customers within 3,300 square miles of eastern and southeastern Pennsylvania; and West Penn Power serves approximately 746,000 customers across 24 counties in central and southwestern Pennsylvania.
The company clarified that the release does not constitute an offer to buy or sell notes, with the transaction governed solely by the exchange offer prospectus distributed to noteholders.