January 22, 2018 / 2:22 PM / 7 months ago

BRIEF-FirstEnergy Announces Transformational $2.5 Bln Equity Investment

Jan 22 (Reuters) - FirstEnergy Corp:

* FIRSTENERGY ANNOUNCES TRANSFORMATIONAL $2.5 BILLION EQUITY INVESTMENT

* FIRSTENERGY - ANNOUNCED $2.5 BILLION INVESTMENT IN CO THAT INCLUDES $1.62 BILLION IN MANDATORY CONVERTIBLE PREFERRED EQUITY & $850 MILLION OF COMMON EQUITY

* FIRSTENERGY CORP - INVESTMENT COMES FROM INVESTORS, INCLUDING AFFILIATES OF ELLIOTT MANAGEMENT CORP, BLUESCAPE, GIC, ZIMMER PARTNERS, LP

* FIRSTENERGY CORP - ‍ COMMON EQUITY WAS ISSUED AT A PRICE OF $28.22 PER SHARE​

* FIRSTENERGY CORP - PROCEEDS OF PRIVATE OFFERING WILL BE USED TO REDUCE CO’S HOLDING COMPANY DEBT, CONTRIBUTE TO ITS PENSION FUND

* FIRSTENERGY - ‍ DOES NOT ANTICIPATE NEED TO ISSUE ADDITIONAL EQUITY THROUGH END OF 2020 OUTSIDE OF STOCK INVESTMENT PLANS,EMPLOYEE BENEFITS PROGRAMS​

* FIRSTENERGY CORP - PREFERRED EQUITY HAS AN INITIAL CONVERSION PRICE OF $27.42 PER SHARE

* FIRSTENERGY CORP - AS PART OF TRANSACTION, FIRSTENERGY WILL FORM A RESTRUCTURING WORKING GROUP

* FIRSTENERGY - ‍ RWG’S TWO OUTSIDE MEMBERS ARE JOHN WILDER, EXECUTIVE CHAIRMAN OF BLUESCAPE, AND ANTHONY HORTON, CFO OF ENERGY FUTURE HOLDINGS ​

* FIRSTENERGY CORP - ‍REAFFIRMS 5% TO 7% REGULATED OPERATING EPS GROWTH TARGET THROUGH 2019​

* FIRSTENERGY CORP - ‍ EXPECTS TO MAINTAIN A DIVIDEND AT CURRENT LEVEL OF $1.44 PER SHARE​ Source text for Eikon: Further company coverage:

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