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FirstEnergy Solutions units issue $700M of bonds to FirstEnergy

FirstEnergy Nuclear Generation LLC and FirstEnergy Generation LLC have issued $700 million worth of first mortgage bonds to FirstEnergy Corp. as a condition to the initial borrowing by their parent, FirstEnergy Solutions Corp.

FirstEnergy Nuclear issued $450 million of its first mortgage bonds due Dec. 31, 2018, and FirstEnergy Generation issued $250 million of its first mortgage bonds due Dec. 31, 2018, according to a Form 8-K filed Dec. 21. The bonds were issued Dec. 19.

The bonds are secured primarily by a valid first-lien on substantially all of the issuers' property used, or to be used, in connection with the generation and production of electric energy.

The bonds were issued in connection with FirstEnergy's commitment to making available to FirstEnergy Solutions revolving loans of $500 million and additional secured credit support of up to $200 million under a credit agreement. As of Dec. 21, there were no amounts drawn under the two-year secured revolving credit and surety credit support agreement.

Earlier this month, S&P Global Ratings lowered its rating on FirstEnergy Solutions and its affiliates to CCC+ from B, citing a potential bankruptcy filing. "The downgrade stems from the increasing likelihood that the capital structure of this entity will become unsustainable, and an announcement of the possibility of bankruptcy filing could come to fruition," S&P Ratings analysts wrote in the Dec. 1 report.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.