Post-Effective Amendment No. 17 to
SEC File No. 70-8593
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-1
APPLICATION UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ("Act")
GPU, INC. ("GPU")
100 Interpace Parkway
Parsippany, New Jersey 07054
GPU INTERNATIONAL, INC. ("GPUI")
EI SERVICES, INC. ("EI Services")
One Upper Pond Road, Parsippany, New Jersey 07054
JERSEY CENTRAL POWER & LIGHT COMPANY ("JCP&L")
METROPOLITAN EDISON COMPANY ("Met-Ed")
PENNSYLVANIA ELECTRIC COMPANY ("Penelec")
P.O. Box 16001, Reading, Pennsylvania 19640
GPU SERVICE, INC. ("GPUS")
100 Interpace Parkway, Parsippany, New Jersey 07054
(Names of companies filing this statement
and addresses of principal offices)
GPU, INC.
(Name of top registered holding company parent of the applicants)
M.A. Nalewako, Secretary Douglas E. Davidson, Esq.
M.J. Connolly, Esq. Berlack, Israels & Liberman LLP
GPU Service, Inc. 120 West 45th Street
100 Interpace Parkway New York, New York 10036
Parsippany, New Jersey 07054
W.S. Greengrove, Secretary
GPU International, Inc.
One Upper Pond Road
Parsippany, New Jersey 07054
______________________________________________________________
(Names and addresses of agents for service)
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GPU, GPUI, EI Services, JCP&L, Met-Ed, Penelec and GPUS
hereby post-effectively amend their Application on Form U-1,
docketed in SEC File No. 70-8593, as heretofore amended, as
follows:
1. By amending paragraph 2 of Post-Effective Amendment No.
15 to read in its entirety as follows:
As of June 30, 1997, the aggregate amount of non-
recourse debt applicable to Exempt Entities owned
directly or indirectly by GPU was approximately $2.786
billion, of which approximately $1.284 billion related
to GPU's proportionate ownership interests in these
Exempt Entities.
2. By amending the penultimate paragraph of subheading 5,
"GPU Power/Guaracachi/Empresa Guaracachi", in paragraph 1 of
Post-Effective Amendment No. 13 to read in its entirety as
follows:
The long-term debt outstanding at EGSA is denominated
in Deutsche Marks ("DM"), U.S. dollars and a basket of
DM and Norwegian currencies, all at fixed interest
rates. The DM and U.S. dollar denominated loans
represent about 82% of the outstanding debt. In order
to mitigate this Foreign Exchange Risk, Guaracachi
transferred approximately $15 million of the $47
million capitalization amount to a DM based investment
fund to effectively hedge the foreign exchange rate
fluctuation exposure associated with the DM long-term
debt held by EGSA.
3. By filing the following additional exhibit in Item 6
thereof:
F-3 - Revised GPU Capitalization Summary as of June
30, 1997.
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY
HOLDING COMPANY ACT OF 1935, THE UNDERSIGNED COMPANIES HAVE DULY
CAUSED THIS STATEMENT TO BE SIGNED ON THEIR BEHALF BY THE UNDER-
SIGNED THEREUNTO DULY AUTHORIZED.
GPU, INC.
JERSEY CENTRAL POWER & LIGHT COMPANY
METROPOLITAN EDISON COMPANY
PENNSYLVANIA ELECTRIC COMPANY
By: /s/ T.G. Howson
T. G. Howson
Vice President and Treasurer
GPU INTERNATIONAL, INC.
By: /s/ B.L. Levy
B. L. Levy
President
Date: August 29, 1997
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EXHIBIT TO BE FILED BY EDGAR
Exhibit:
F-3 - Revised GPU Capitalization Summary as of June 30,
1997.
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EXHIBIT F-3
GPU CAPITALIZATION
Actual
June 30, 1997
$ Millions Percentage
Debt:
First Mortgage Bonds $2,510
Other Long-Term Debt 818
Short-Term Debt 443
$3,771 50.8%
Preferred:
Stock $ 171
Securities 330
$ 501 6.7%
Common Equity:
Common Stock $ 314
Reacquired Common Stock (84)
Capital Surplus 754
Retained Earnings 2,172
$3,156 42.5%
Total Capitalization $7,428 100.0%
The foregoing table includes $97 million of non-recourse
debt related to Exempt Entities that is consolidated for
financial reporting purposes. The following table sets forth
GPU's proforma capitalization, including the additional amount of
outstanding non-recourse debt ($1.187 billion) related to GPU's
proportionate ownership interest in Exempt Entities.
Pro Forma
June 30, 1997
$ Millions Percentage
Debt:
First Mortgage Bonds $2,510
Other Long-Term Debt 2,005
Short-Term Debt 443
$4,958 57.6%
Preferred:
Stock $ 171
Securities 330
$ 501 5.8%
Common Equity:
Common Stock $ 314
Reacquired Common Stock (84)
Capital Surplus 754
Retained Earnings 2,172
$3,156 36.6%
Total Capitalization $8,615 100.0%
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