Item 5. OTHER INFORMATION
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Item 5. OTHER INFORMATION
On April 27, 2023, FE, FET, the Utilities and the Transmission Companies entered into the 2023 Amendments to, among other things, (i) permit the sale from FE to Brookfield of an incremental 30% equity interest in FET for a purchase price of $3.5 billion, (ii) permit the consolidation of the Pennsylvania Companies into a new, single operating entity, FE PA, which will be FE’s only regulated utility in Pennsylvania encompassing the operations previously conducted individually by the Pennsylvania Companies, and (iii) transition the benchmark interest rate for borrowings under the 2021 Credit Facilities from LIBOR to SOFR.
FE effectuated such 2023 Amendments by entering into the following:
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Amendment No. 1 and Consent and Limited Waiver to Credit Agreement, dated as of April 27, 2023, among FE and FET, as borrowers, the banks and other financial institutions party thereto, as lenders, and JPMorgan Chase Bank, N.A., as administrative agent;
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Amendment No. 1 and Consent and Limited Waiver to Credit Agreement, dated as of April 27, 2023, among The Cleveland Electric Illuminating Company, Ohio Edison Company and The Toledo Edison Company, as borrowers, the banks and other financial institutions party thereto, as lenders, and JPMorgan Chase Bank, N.A., as administrative agent;
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Amendment No. 1 and Consent and Limited Waiver to Credit Agreement, dated as of April 27, 2023, among Metropolitan Edison Company, Pennsylvania Electric Company, Pennsylvania Power Company and West Penn Power Company, as borrowers, the banks and other financial institutions party thereto, as lenders, and Mizuho Bank, Ltd., as administrative agent;
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Amendment No. 1 to Credit Agreement, dated as of April 27, 2023, among Jersey Central Power & Light Company, as borrower, the banks and other financial institutions party thereto, as lenders, and Mizuho Bank, Ltd., as administrative agent;
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Amendment No. 1 to Credit Agreement, dated as of April 27, 2023, among Monongahela Power Company and The Potomac Edison Company, as borrowers, the banks and other financial institutions party thereto, as lenders, and Mizuho Bank, Ltd., as administrative agent; and
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Amendment No. 1 and Consent and Limited Waiver to Credit Agreement, dated as of April 27, 2023, among American Transmission Systems, Incorporated, Mid-Atlantic Interstate Transmission, LLC and Trans-Allegheny Interstate Line Company, as borrower, the banks and other financial institutions party thereto, as lenders, and PNC Bank, National Association, as administrative agent
The foregoing descriptions of the 2023 Amendments above do not purport to be complete and are qualified in their entirety by reference to the agreements themselves.
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