Akin Gump Advises Monongahela Power Company in Closing of $1 Billion Bond Offering
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(New York) – Akin Gump advised Monongahela Power Company, a wholly owned subsidiary of FirstEnergy Corp., in a Rule 144A/Reg. S offering of $1 billion of first mortgage bonds. The bonds were issued in two tranches: $400 million of 4.10 percent bonds due 2024 and $600 million of 5.40 percent bonds due 2043. Monongahela Power is using the proceeds primarily to repay existing debt, including debt incurred in connection with its recent acquisition of sole ownership of the coal-fired Harrison Power Station (1,984 MW) in an asset swap with affiliate, Allegheny Energy Supply Company LLC.
Akin Gump corporate partners Lucas Torres and Alice Hsu led the team advising Monongahela Power Company in the offering, along with counsel Jeremy Smith and associates Alyssa Dossick and Sophia Dwosh. Corporate partners Dan Fisher and Jeremy Schwer and associate Rik Gadhia advised FirstEnergy on the related asset swap.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 850 attorneys in offices throughout the United States, Europe, Asia and the Middle East.
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