During the year ended December 31, 2022, FirstEnergy had the following redemptions and issuances: Company Type Redemption/ Issuance Date Interest Rate Maturity Amount (in Millions) Description Redemptions FE Unsecured Notes January, 2022 4.25% 2023 $850 In December 2021, FE provided notice of redemption with a make-whole premium of approximately $38 million ($30 million after-tax). TE Senior Secured Notes February, 2022 2.65% 2028 $25 On January 27, 2022, TE instructed its indenture trustee to provide notice of partial redemption. CEI Senior Notes, Series A March, 2022 2.77% 2034 $150 On February 11, 2022, CEI instructed its indenture trustee to provide notice of full redemption. WP FMBs April, 2022 3.34% 2022 $100 WP redeemed FMBs that became due. FE Unsecured Notes June, 2022 2.85% 2022 $500 On May 23, 2022 FE provided notice of redemption. FE Unsecured Notes June, 2022 7.375% 2031 $715 On May 25, 2022, FE commenced an offer to purchase for cash a portion of its 2031 Notes and 2047 Notes, which had $1.5 billion and $1 billion principal amounts outstanding, respectively. A portion of these notes were redeemed for approximately $1.1 billion, including a tender premium of approximately $101 million ($80 million after-tax). In addition, FE recognized approximately $7 million ($5 million after-tax) of deferred cash flow hedge losses and $10 million ($8 million after-tax) in other unamortized debt costs and fees associated with the FE debt redemptions. FE Unsecured Notes June, 2022 4.85% 2047 $284 Penn FMBs June, 2022 6.09% 2022 $100 Penn redeemed FMBs that became due. FE Unsecured Notes AugustNovember 2022 7.375% 2031 $128 Beginning in the third quarter of 2022, FE repurchased a portion of the principal amount of its 2031 Notes and 2047 Notes through the open market for approximately $249 million including a premium of approximately $11 million ($9 million after tax). In addition, FE recognized approximately $3 million ($2 million after-tax) in other unamortized debt costs related to the FE open market repurchases. FE Unsecured Notes AugustSeptember 2022 4.85% 2047 $110 Issuances OE Senior Unsecured Notes September, 2022 5.50% 2033 $300 Proceeds were used to repay borrowings outstanding under the regulated money pool, to finance capital expenditures, to fund working capital needs and for other general corporate purposes. Penn FMBs November, 2022 3.79% 2032 $150 Proceeds were used to repay short-term borrowings. WP FMBs November, 2022 5.29% 2033 $250 Proceeds were used to repay short-term borrowings. On November 29, 2022, WP issued $300 million of 5.29% FMBs due 2033. $250 million was funded on December 13, 2022, and the remaining $50 million was funded on January 10, 2023. Proceeds of the issuance of the FMBs were used to repay short term borrowings. FE or its affiliates may, from time to time, seek to retire or purchase outstanding debt through open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as FE or its affiliates may determine, and will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors. Cash Flows From Investing Activities Cash used for investing activities in 2022 principally represented cash used for property additions. The following table summarizes cash used for (received from) investing activities for the years ended 2022, 2021 and 2020: For the Years Ended December 31, Investing Activities 2022 2021 2020 (In millions) Property Additions: Regulated Distribution $ 1,513 $ 1,395 $ 1,514 Regulated Transmission 1,192 958 1,067 Corporate/Other 51 92 76 Proceeds from sale of Yards Creek — (155) — Investments 103 53 22 Asset removal costs 213 226 224 Other 4 (10) 5 $ 3,076 $ 2,559 $ 2,908 Cash used for investing activities during 2022 increased $517 million, compared to 2021, primarily due to the absence of proceeds from the sale of Yards Creek received in the first quarter of 2021 as well as planned project spend at Regulated Distribution and Transmission. 50
RkJQdWJsaXNoZXIy NTIzOTM0