The New York Times The New York Times Business August 28, 2003
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FirstEnergy Corporation



FirstEnergy Plans Offering to Cut Debt

By THE ASSOCIATED PRESS

AKRON, Ohio, Aug. 27 (AP) — The FirstEnergy Corporation, an electric utilities holding company under investigation for its role in the Aug. 14 blackout, said today that it intends to issue $500 million to $750 million in additional common stock.

FirstEnergy said in a notice to the Securities and Exchange Commission that, depending on market conditions, it expected to issue the stock "in a timely manner" if the agency approved its filing.

The company said it would use the proceeds to reduce debt, something the company has been under pressure to do.

The filing was unrelated to the blackout investigation, Kristin Baird, a spokeswoman, said.




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