United States: Thelen Represents Morgan Stanley And Credit Suisse In $1.3 Billion Sale Leaseback Transaction
Last Updated: August 30 2007

NEW YORK (July 17, 2007)—Thelen Reid Brown Raysman & Steiner LLP has helped close a deal for Morgan Stanley & Co. and Credit Suisse Securities worth a total of $1.3 billion. Thelen represented Morgan Stanley (as sole structuring agent and joint-bookrunner) and Credit Suisse (as joint-bookrunner), where both clients represented Barclays Capital, Citigroup Global Markets, J.P. Morgan Securities, and Lehman Brothers in the initial purchase of approximately $1.135 billion aggregate principal amount of Bruce Mansfield Unit 1 2007 Pass Through Trust 6.85% Certificates, due 2034. The Certificates are part of a sale leaseback of a generating unit at FirstEnergy's Bruce Mansfield Plant.

The Bruce Mansfield Plant is a three-unit, fully-scrubbed, 2,460 MW coal-fired generating facility located in Shippingport, Pennsylvania, and it is owned by FirstEnergy Generation Corp., an affiliate of FirstEnergy Corp. Thelen regularly acts as counsel to the underwriters and initial purchasers of FirstEnergy system company securities and also represents FirstEnergy on transactional and regulatory matters.

The Certificates, which are secured obligations, were initially offered to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended, to non-U.S. persons pursuant to Regulation S of the Securities Act, and to institutions that are accredited investors. Under a related registration rights agreement, FirstEnergy Generation will file a registration statement with the Securities and Exchange Commission to exchange the Certificates for registered Certificates or to permit the public resale of the Certificates.

The Thelen team was led by New York Business and Finance partners Doug Davidson, John Hood, and Kim Reisler. Associates Jennifer Goldberg, Binh-Minh Ha, and Daniel Borden managed the documentation for the transaction; and Binh-Minh Ha, Dan Borden, Josh Gelfand, and Ying Li handled the due diligence. Washington, DC partner Jim Mitchell and San Francisco partner Kerry Shea consulted on the regulatory and environmental issues, respectively.

For more information, contact:

Kevin Livingston
National Manager of Public Relations
Thelen Reid Brown Raysman & Steiner LLP

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