Akin Gump Advises FirstEnergy Solutions Corp. in $471 Million Pollution Bond Reoffering
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(New York) – In a deal that closed today, Akin Gump advised FirstEnergy Solutions Corp. and its subsidiaries, FirstEnergy Generation, LLC and FirstEnergy Nuclear Generation, LLC, in the sale to J.P. Morgan Securities LLC and reoffering of approximately $371 million of secured pollution control revenue refunding bonds.
The bonds were previously issued on behalf of such subsidiaries by the Ohio Water Development Authority, the Ohio Air Quality Development Authority, the Pennsylvania Economic Development Financing Authority, and the Beaver County Industrial Development Authority, including, as applicable, the pledge of additional security in the form of first mortgage bonds of such subsidiaries. The settlement of an additional $100 million of pollution bonds will occur on or about September 15.
The Akin Gump team advising FirstEnergy included corporate partners Lucas Torres and Alice Hsu and associate Clare Joyce.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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