JCP&L Extends Exchange Offer with 99.6% of $1.35B Notes Tendered
FE•Jersey Central Power & Light extended its exchange offer until June 15, 2026, for up to $350 million of 4.150% 2029 notes, $500 million of 4.400% 2031 notes and $500 million of 5.150% 2036 notes. Investors have tendered $1.34469 billion, representing 99.6067% of the targeted outstanding notes.
1. Offer Extension Details
Jersey Central Power & Light pushed the deadline of its exchange offer to 5:00 p.m. New York time on June 15, 2026. The offer covers exchanges of up to $350 million of 4.150% senior notes due 2029, $500 million of 4.400% senior notes due 2031 and $500 million of 5.150% senior notes due 2036 for newly registered notes under the Securities Act of 1933.
2. Tender Participation
As of the original June 1 expiration, holders tendered $1,344,690,000—equivalent to 99.6067% of the outstanding $1.35 billion aggregate principal amount. High investor uptake reflects strong demand for registered securities and supports the company’s goal of enhancing note liquidity and secondary-market trading.
3. Next Steps and Implications
Upon final expiration, remaining holders can still exchange their notes on the same terms, potentially boosting registration benefits and marketability. Successful completion will replace unregistered debt with registered notes, improving FirstEnergy’s debt profile and aligning maturities under its parent’s capital structure.
