FirstEnergy Ohio PIRB Special Purpose Trust 2013 Files 10-K

TL;DR

<b>FirstEnergy Ohio PIRB Special Purpose Trust 2013 and related entities filed their annual 10-K reports.</b>

AI Summary

CLEVELAND ELECTRIC ILLUMINATING CO filed a Annual Report (10-K) with the SEC on March 29, 2024. FirstEnergy Ohio PIRB Special Purpose Trust 2013 filed a 10-K on March 29, 2024. Ohio Edison Co, also part of the filing, is incorporated in OH and has SEC file number 001-02578. Toledo Edison Co, incorporated in OH, has SEC file number 001-03583. CEI Funding LLC, incorporated in DE, has SEC file number 333-187692-03. Cleveland Electric Illuminating Co, incorporated in OH, has SEC file number 001-02323.

Why It Matters

For investors and stakeholders tracking CLEVELAND ELECTRIC ILLUMINATING CO, this filing contains several important signals. This filing provides the annual financial and operational overview for the Special Purpose Trust and its associated companies, crucial for investors and creditors to assess financial health and compliance. The inclusion of multiple related entities (Ohio Edison Co, Toledo Edison Co, CEI Funding LLC, OE Funding LLC, Cleveland Electric Illuminating Co) indicates a complex corporate structure requiring consolidated reporting for a comprehensive understanding of the overall financial picture.

Risk Assessment

Risk Level: low — CLEVELAND ELECTRIC ILLUMINATING CO shows low risk based on this filing. The filing is a standard 10-K for a special purpose trust and related entities, indicating routine financial reporting rather than significant new risks or events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the specific financial health and operational status of the FirstEnergy Ohio PIRB Special Purpose Trust 2013 and its related entities.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 0001578443-24-000005 — Accession Number (For the 10-K filing)
• 001-02578 — SEC File Number (For Ohio Edison Co)
• 001-03583 — SEC File Number (For Toledo Edison Co)
• 333-187692-03 — SEC File Number (For CEI Funding LLC)
• 001-02323 — SEC File Number (For Cleveland Electric Illuminating Co)

Key Players & Entities

• FirstEnergy Ohio PIRB Special Purpose Trust 2013 (company) — Filer of the 10-K
• Ohio Edison Co (company) — Entity included in the filing
• Toledo Edison Co (company) — Entity included in the filing
• CEI Funding LLC (company) — Entity included in the filing
• OE Funding LLC (company) — Entity included in the filing
• Cleveland Electric Illuminating Co (company) — Entity included in the filing
• U.S. Bank Trust, N.A. (company) — As DE Trustee for FirstEnergy Ohio PIRB Special Purpose Trust 2013
• 2024-03-29 (date) — Filing date

FAQ

Key Dates

• 2024-03-29: 10-K Filing — Annual report submission for the fiscal year ending 2023-12-31.

Filing Documents

• a2023ohiosecuritization10-k.htm (10-K) — 115KB
• exhibit311-2023srofficer_oe.htm (EX-31.1) — 7KB
• exhibit312-2023srofficer_c.htm (EX-31.2) — 7KB
• exhibit313-2023srofficer_te.htm (EX-31.3) — 7KB
• exhibit331-2023certcomplia.htm (EX-33.1) — 54KB
• exhibit332-2023certcomplia.htm (EX-33.2) — 54KB
• exhibit333-2023certcomplia.htm (EX-33.3) — 54KB
• exhibit334-2023certcomplia.htm (EX-33.4) — 54KB
• exhibit335-2023certcomplia.htm (EX-33.5) — 75KB
• exhibit341-2023pwcattestre.htm (EX-34.1) — 6KB
• exhibit342-2023pwcattestre.htm (EX-34.2) — 6KB
• exhibit343-2023pwcattestre.htm (EX-34.3) — 6KB
• exhibit344-2023pwcattestre.htm (EX-34.4) — 6KB
• exhibit345-2023eyattestrep.htm (EX-34.5) — 7KB
• exhibit351-2023compliances.htm (EX-35.1) — 7KB
• exhibit352-2023compliances.htm (EX-35.2) — 7KB
• exhibit353-2023compliances.htm (EX-35.3) — 7KB
• image.jpg (GRAPHIC) — 5KB
• 0001578443-24-000005.txt (&nbsp;) — 491KB

Business

Item 1. Business. Omitted pursuant to General Instruction J of Form 10-K.

Risk Factors

Item 1A. Risk Factors. Omitted pursuant to General Instruction J of Form 10-K.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Properties

Item 2. Properties. Omitted pursuant to General Instruction J of Form 10-K.

Legal Proceedings

Item 3. Legal Proceedings. Omitted pursuant to General Instruction J of Form 10-K.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. None. PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Omitted pursuant to General Instruction J of Form 10-K.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Omitted pursuant to General Instruction J of Form 10-K.

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk. Omitted pursuant to General Instruction J of Form 10-K.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. Omitted pursuant to General Instruction J of Form 10-K.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures. Omitted pursuant to General Instruction J of Form 10-K.

Controls and Procedures

Item 9A. Controls and Procedures. Omitted pursuant to General Instruction J of Form 10-K.

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. Omitted pursuant to General Instruction J of Form 10-K.

Executive Compensation

Item 11. Executive Compensation. Omitted pursuant to General Instruction J of Form 10-K.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Omitted pursuant to General Instruction J of Form 10-K.

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. Omitted pursuant to General Instruction J of Form 10-K.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Omitted pursuant to General Instruction J of Form 10-K. PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. (a) Documents filed as a part of this report (exhibits marked with an asterisk are filed herewith) 1. Financial Statements Not Applicable 2. Financial Statement Schedules Not Applicable 3. Exhibits required by Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith) 3.1 Amended and Restated Limited Liability Company Agreement of CEI Funding LLC, dated June 20, 2013 (incorporated by reference to Exhibit 3.1 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013). 3.2 Amended and Restated Limited Liability Company Agreement of OE Funding LLC, dated June 20, 2013 (incorporated by reference to Exhibit 3.2 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013). 3.3 Amended and Restated Limited Liability Company Agreement of TE Funding LLC, dated June 20, 2013 (incorporated by reference to Exhibit 3.3 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013). 4.1 Certificate Indenture, dated as of June 20, 2013, between FirstEnergy Ohio PIRB Special Purpose Trust 2013 and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 included as an exhibit to the Issuing Entity's Current Report on Form 8-K (File No. 333-187692-06) filed with the SEC on June 25, 2013). 4.2 Amended and Restated Declaration of Trust of FirstEnergy Ohio PIRB Special Purpose Trust 2013 among CEI Funding LLC, OE Funding LLC and TE Funding LLC, acting jointly as Settlors, and U.S. Bank Trust National Association, as Delaware Trustee and The Cleveland Electric Illuminating Company, Ohio Edison Company and The Toledo Edison Company, each as an Administrative Trustee, dated as of June 20, 2013 (incorporated by reference to Exhibit 4.2 included as an exhibit to

Form 10-K Summary

Item 16. Form 10-K Summary. None.

(b). Significant Obligors of Pool Assets

Item 1112(b). Significant Obligors of Pool Assets. None.

(b)(2). Credit Enhancement and Other Support, Except for Certain Derivatives Instruments

Item 1114(b)(2). Credit Enhancement and Other Support, Except for Certain Derivatives Instruments. None.

(b). Certain Derivatives Instruments

Item 1115(b). Certain Derivatives Instruments. None.

Legal Proceedings

Item 1117. Legal Proceedings. U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage-backed securities (RMBS) trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default. U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts. On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association ("U.S. Bank") in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank Natio

Affiliations and Certain Relationships and Related Transactions

Item 1119. Affiliations and Certain Relationships and Related Transactions. The Issuing Entity is a Delaware statutory trust specifically formed by the bond issuers, CEI Funding LLC, OE Funding LLC and TE Funding LLC, for the purpose of acquiring bonds from the bond issuers and issuing the certificates. CEI Funding LLC, OE Funding LLC and TE Funding LLC are wholly-owned subsidiaries of the servicers, The Cleveland Electric Illuminating Company, Ohio Edison Company and The Toledo Edison Company, respectively (such servicers also serving in the capacity as administrative trustees under the Amended and Restated Declaration of Trust of the Issuing Entity).

Compliance with Applicable Servicing Criteria

Item 1122. Compliance with Applicable Servicing Criteria. See Exhibits 33.1, 33.2, 33.3, 33.4, 33.5, 34.1, 34.2, 34.3, 34.4 and 34.5 under Item 15.

Servicer Compliance Statement

Item 1123. Servicer Compliance Statement. See Exhibits 35.1, 35.2 and 35.3 under Item 15.

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FIRSTENERGY OHIO PIRB SPECIAL PURPOSE TRUST 2013 (Issuing entity) BY THE CLEVELAND ELECTRIC ILLUMINATING COMPANY, as Servicer OHIO EDISON COMPANY, as Servicer THE TOLEDO EDISON COMPANY, as Servicer BY s Steven R. Staub Steven R. Staub Vice President and Treasurer Date March 29, 2024 Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act No annual report to securityholders covering the registrant's last fiscal year, proxy statement, form of proxy or other proxy soliciting material has been sent to the registrant's securityholders. The registrant will not be sending an annual report or proxy material to its securityholders subsequent to the filing of this annual report on Form 10-K.

View Full Filing

View this 10-K filing on SEC EDGAR