FirstEnergy Corp. (NYSE:FE) announced that it has entered into security purchase agreement for the private placement of 1,616,000 series A convertible preferred shares at a price of $100 per share for the gross proceeds of $1,616,000,000 on January 22, 2018. The transaction included participation from Elliott Associates, L.P.; a fund managed by Elliott Management Corporation for 289,920 shares, Permian Investments S.à r.l. for 616,080 shares, BRC Special Situations III LLC for 200,000 shares, Cheyne Walk Investment Pte. Ltd. for 500,000 shares, and Cove Key Master Fund Lp for 10,000 shares. The preferred shares were issued at par. The preferred shares are convertible into common shares of the company at a fixed conversion price of $27.42. The preferred shares cannot be transferred up to a period of six months from the date of the agreement.