SEC FILE NO. 70-7926
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CERTIFICATE PURSUANT TO
RULE 24
OF PARTIAL COMPLETION OF
TRANSACTIONS
GPU, INC.
JERSEY CENTRAL POWER & LIGHT COMPANY
METROPOLITAN EDISON COMPANY
PENNSYLVANIA ELECTRIC COMPANY
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- -------------------------------------
In the Matter of :
:
GPU, Inc. :
Jersey Central Power & Light Company: Certificate Pursuant
Metropolitan Edison Company : To Rule 24 of Partial
Pennsylvania Electric Company : Completion of Transactions
:
:
File No. 70-7926 :
:
(Public Utility Holding Company :
Act of 1935) :
- ------------------------------------:
To the Members of the Securities and Exchange Commission:
The undersigned, GPU, Inc. (formerly known as General Public Utilities
Corporation) ("GPU"), Jersey Central Power & Light Company ("JCP&L"),
Metropolitan Edison Company ("Met-Ed") and Pennsylvania Electric Company
("Penelec"), collectively referred to as the "GPU Companies", do hereby certify
pursuant to Rule 24 of the General Rules and Regulations under the Public
Utility Holding Company Act of 1935, that certain of the transactions proposed
in the Declaration, as amended, filed in SEC File No. 70-7926, have been carried
out in accordance with the terms and conditions of, and for the purposes
requested in, said Declaration and pursuant to the Commission's Order, dated
March 18, 1992, and Supplemental Orders, dated October 26, 1994, and July 17,
1996, with respect to said Declaration, as follows:
-2-
<PAGE>
1. During the period April 1, 1998 through June 30, 1998, the GPU
Companies issued no promissory notes representing borrowings under the Amended
and Restated Credit Agreement, dated as of July 3, 1996, as amended including by
Amendment No. 1 dated as of March 31, 1997, and Amendment No. 2 dated as of May
15, 1998, among the GPU Companies; the banks named therein, and The Chase
Manhattan Bank, N.A., as Administrative Agent, Citibank Securities, Inc., as
Syndication Agent, and Citicorp Securities, Inc. and Chase Securities, Inc., as
Arrangers, and no such borrowings were outstanding thereunder at such date.
2. At the close of business on March 31, 1998, JCP&L, Met-Ed and
Penelec had outstanding unsecured short-term promissory notes issued as
commercial paper as follows:
Company Amount
------- ------
JCP&L $ 0
Met-Ed 0
Penelec 0
3. During the period April 1,1998 through June 30, 1998, JCP&L, Met-Ed,
and Penelec issued and sold (and paid at maturity where such commercial paper
matured on or before June 30, 1998) unsecured short-term promissory notes as
commercial paper as follows:
JCP&L
- -----
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
04/02/98 04/07/98 $12,000,000
04/03/98 04/06/98 15,100,000
04/06/98 04/08/98 10,800,000
04/08/98 04/09/98 8,500,000
04/09/98 04/10/98 1,500,000
04/15/98 04/20/98 17,400,000
04/20/98 04/21/98 22,000,000
-3-
<PAGE>
JCP&L(cont.)
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
04/20/98 04/23/98 $22,100,000
04/22/98 04/23/98 5,700,000
04/23/98 04/24/98 21,100,000
04/24/98 04/27/98 15,000,000
04/27/98 04/28/98 11,900,000
04/30/98 05/07/98 8,400,000
05/01/98 05/04/98 34,800,000
05/01/98 05/08/98 10,000,000
05/04/98 05/05/98 30,000,000
05/04/98 05/11/98 13,400,000
05/19/98 05/20/98 9,700,000
05/20/98 05/21/98 9,300,000
05/21/98 05/28/98 23,800,000
06/01/98 06/08/98 15,000,000
06/01/98 06/15/98 19,500,000
06/03/98 06/17/98 11,300,000
06/08/98 06/12/98 9,500,000
06/10/98 06/16/98 13,100,000
06/11/98 06/18/98 9,400,000
06/12/98 06/26/98 13,500,000
06/18/98 06/25/98 3,600,000
06/19/98 06/23/98 10,000,000
06/19/98 06/26/98 10,100,000
06/22/98 06/29/98 20,100,000
06/23/98 06/30/98 17,200,000
06/30/98 07/14/98 20,700,000
06/30/98 07/13/98 20,000,000
Met-Ed
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
04/07/98 04/13/98 $10,000,000
04/07/98 04/20/98 14,000,000
04/09/98 04/13/98 2,700,000
04/17/98 04/24/98 11,400,000
04/20/98 05/04/98 13,000,000
04/21/98 05/05/98 6,200,000
04/23/98 05/07/98 14,400,000
04/27/98 05/11/98 11,900,000
04/29/98 04/30/98 7,800,000
04/30/98 05/14/98 5,800,000
04/30/98 05/08/98 20,800,000
05/04/98 05/18/98 10,000,000
05/07/98 05/14/98 13,900,000
05/08/98 05/22/98 16,700,000
05/11/98 05/26/98 9,300,000
05/12/98 05/19/98 8,700,000
-4-
<PAGE>
Met-Ed (cont.)
- ------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
05/13/98 05/20/98 $ 10,600,000
05/15/98 05/21/98 10,200,000
05/18/98 05/26/98 7,000,000
05/19/98 05/28/98 9,700,000
05/20/98 05/29/98 13,400,000
05/21/98 05/22/98 10,100,000
05/26/98 06/09/98 12,900,000
05/28/98 06/12/98 9,400,000
05/29/98 06/01/98 6,000,000
05/29/98 06/01/98 7,700,000
06/01/98 06/08/98 13,300,000
06/02/98 06/09/98 6,200,000
06/03/98 06/10/98 20,300,000
06/04/98 06/05/98 1,000,000
06/08/98 06/12/98 9,400,000
06/11/98 06/18/98 20,300,000
06/12/98 06/19/98 19,800,000
06/15/98 06/22/98 19,300,000
06/16/98 06/22/98 3,000,000
06/16/98 06/23/98 5,000,000
06/16/98 06/23/98 3,500,000
06/18/98 06/25/98 18,400,000
06/19/98 06/26/98 22,300,000
06/22/98 06/29/98 16,400,000
06/25/98 06/26/98 18,200,000
06/29/98 07/13/98 23,100,000
06/30/98 07/14/98 12,700,000
06/30/98 07/01/98 10,000,000
Penelec
- -------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
04/01/98 04/02/98 $10,400,000
04/07/98 04/17/98 5,100,000
04/07/98 04/20/98 15,400,000
04/14/98 04/21/98 10,600,000
04/15/98 04/28/98 13,000,000
04/15/98 04/29/98 14,100,000
04/15/98 05/28/98 2,000,000
04/17/98 05/08/98 12,900,000
04/20/98 05/04/98 8,900,000
04/21/98 05/05/98 9,300,000
04/23/98 05/07/98 9,600,000
04/24/98 05/08/98 20,000,000
04/27/98 05/11/98 10,200,000
04/29/98 04/30/98 12,100,000
05/04/98 05/05/98 3,700,000
05/05/98 05/19/98 12,000,000
05/07/98 05/14/98 7,200,000
05/08/98 05/18/98 16,100,000
05/08/98 05/22/98 15,000,000
-5-
<PAGE>
Penelec (cont.)
- -------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
05/14/98 05/21/98 $14,700,000
05/18/98 05/28/98 11,500,000
05/19/98 06/02/98 10,700,000
05/20/98 06/01/98 7,700,000
05/21/98 05/28/98 14,100,000
05/27/98 06/03/98 22,600,000
05/27/98 06/03/98 5,000,000
05/28/98 06/11/98 15,500,000
05/28/98 06/12/98 15,400,000
05/29/98 06/01/98 1,600,000
06/01/98 06/08/98 13,200,000
06/02/98 06/04/98 8,100,000
06/03/98 06/10/98 28,600,000
06/04/98 06/18/98 5,900,000
06/05/98 06/08/98 13,200,000
06/08/98 06/11/98 11,000,000
06/08/98 06/12/98 11,900,000
06/11/98 06/15/98 13,200,000
06/11/98 06/18/98 13,000,000
06/12/98 06/19/98 26,800,000
06/15/98 06/22/98 19,300,000
06/16/98 06/23/98 25,700,000
06/18/98 06/25/98 15,500,000
06/19/98 06/26/98 32,400,000
06/22/98 06/29/98 14,600,000
06/29/98 07/13/98 31,300,000
06/30/98 07/06/98 22,000,000
To summarize the above transactions, at June 30, 1998, JCP&L, Met-Ed
and Penelec had outstanding unsecured short-term promissory notes issued as
commercial paper as follows:
Company Amount
------- ------
JCP&L $ 40,700,000
Met-Ed 45,800,000
Penelec 53,300,000
4. At the close of business on March 31, 1998, the GPU Companies had
outstanding unsecured short-term promissory notes representing bank borrowings
under informal bank lines, as follows:
-6-
<PAGE>
Company Amount
------- ------
GPU $102,300,000
JCP&L 0
Met-Ed 89,400,000
Penelec 116,000,000
During the period April 1, 1998 through June 30, 1998, the GPU
Companies issued unsecured promissory notes representing bank borrowings under
informal bank lines of credit as follows:
GPU
- ---
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/06/98 PNC Bank $25,600,000 04/13/98
04/07/98 Banca Popolare Di Milano 12,600,000 04/16/98
04/07/98 Banca Popolare Di Milano 10,000,000 04/14/98
04/08/98 Morgan Guaranty Trust 19,100,000 04/22/98
04/09/98 Banca Popolare Di Milano 6,700,000 04/23/98
04/09/98 Sumitomo Bank 12,300,000 04/23/98
04/10/98 First Union National Bank 15,700,000 04/17/98
04/13/98 PNC Bank 12,700,000 04/20/98
04/13/98 PNC Bank 13,000,000 04/27/98
04/14/98 Summit Bank 10,000,000 04/21/98
04/16/98 Sumitomo Bank 12,600,000 04/30/98
04/17/98 Banca Popolare Di Milano 15,800,000 04/24/98
04/20/98 First Union National Bank 12,800,000 05/04/98
04/21/98 Summit Bank 9,900,000 05/05/98
04/22/98 Morgan Guaranty Trust 19,200,000 05/06/98
04/23/98 Chase Manhattan Bank 19,000,000 05/07/98
04/24/98 Banca Popolare Di Milano 15,900,000 05/01/98
04/27/98 Banca Popolare Di Milano 13,000,000 04/28/98
04/28/98 First Union National Bank 13,000,000 04/29/98
04/29/98 Banca Popolare Di Milano 12,900,000 05/13/98
04/30/98 First Union National Bank 12,700,000 05/14/98
05/01/98 Sumitomo Bank 15,900,000 05/08/98
05/04/98 Banca Popolare Di Milano 12,900,000 05/11/98
05/05/98 Summit Bank 9,900,000 05/12/98
05/06/98 Morgan Guaranty Trust 19,200,000 05/20/98
05/07/98 Chase Manhattan Bank 19,200,000 05/21/98
05/08/98 Sumitomo Bank 15,900,000 05/22/98
05/11/98 Banca Popolare Di Milano 13,000,000 05/18/98
05/12/98 Fuji Bank 9,900,000 05/19/98
05/13/98 Banca Popolare Di Milano 3,900,000 05/14/98
05/13/98 Sumitomo Bank 9,100,000 05/19/98
05/14/98 Banca Popolare Di Milano 16,600,000 05/15/98
-7-
<PAGE>
GPU (Cont.)
- ---
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
05/15/98 Summit Bank $16,900,000 05/29/98
05/18/98 Banca Popolare Di Milano 11,100,000 05/26/98
05/18/98 First Union National Bank 2,000,000 05/19/98
05/19/98 Banca Popolare Di Milano 11,900,000 05/26/98
05/19/98 Sumitomo Bank 9,100,000 05/20/98
05/20/98 Banca Popolare Di Milano 7,000,000 06/01/98
05/20/98 Bank of New York 12,200,000 05/21/98
05/20/98 Sumitomo Bank 9,100,000 05/28/98
05/21/98 Chase Manhattan Bank 20,000,000 06/04/98
05/21/98 First Union National Bank 11,500,000 05/22/98
05/22/98 Chase Manhattan Bank 13,700,000 06/02/98
05/22/98 Morgan Guaranty Trust 13,700,000 06/05/98
05/26/98 First Union National Bank 15,000,000 06/09/98
05/26/98 First Union National Bank 8,000,000 05/27/98
05/27/98 Banca Popolare Di Milano 14,100,000 06/03/98
05/27/98 Sumitomo Bank 9,800,000 05/28/98
05/28/98 First Union National Bank 11,000,000 06/12/98
05/28/98 First Union National Bank 7,900,000 06/11/98
05/29/98 First Union National Bank 15,600,000 06/08/98
06/01/98 Summit Bank 15,000,000 06/10/98
06/02/98 Sumitomo Bank 13,700,000 06/16/98
06/03/98 Banca Popolare Di Milano 7,100,000 06/11/98
06/03/98 Banca Popolare Di Milano 7,000,000 06/12/98
06/04/98 Banca Popolare Di Milano 15,900,000 06/18/98
06/04/98 First Union National Bank 4,200,000 06/05/98
06/05/98 Chase Manhattan Bank 18,000,000 06/19/98
06/08/98 First Union National Bank 16,000,000 06/15/98
06/09/98 Morgan Guaranty Trust 14,700,000 06/16/98
06/10/98 PNC Bank 3,700,000 06/17/98
06/10/98 Sumitomo Bank 11,300,000 06/17/98
06/11/98 Summit Bank 15,100,000 06/25/98
06/12/98 Banca Popolare Di Milano 14,100,000 06/26/98
06/12/98 Summit Bank 4,000,000 06/26/98
06/15/98 Credit Agricole 17,100,000 06/22/98
06/16/98 First Union National Bank 14,800,000 06/24/98
06/16/98 Sumitomo Bank 13,700,000 06/23/98
06/17/98 Morgan Guaranty Trust 13,800,000 06/29/98
06/18/98 Banca Popolare Di Milano 12,000,000 07/02/98
06/18/98 Sumitomo Bank 4,000,000 06/23/98
06/19/98 Chase Manhattan Bank 18,200,000 07/02/98
06/22/98 First Union National Bank 9,800,000 07/06/98
06/22/98 Sumitomo Bank 7,300,000 07/06/98
06/23/98 Chase Manhattan Bank 17,700,000 06/30/98
06/24/98 First Union National Bank 14,900,000 07/08/98
06/25/98 Merchants of Bangor 100,000 07/02/98
06/25/98 PNC Bank 15,000,000 07/09/98
06/26/98 Merchants of Bangor 500,000 07/02/98
06/26/98 Sumitomo Bank 17,700,000 06/29/98
-8-
GPU (cont.)
- ----
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
06/29/98 Bank of Pennsylvania $ 2,400,000 07/07/98
06/29/98 Fuji Bank 3,300,000 06/30/98
06/29/98 PNC Bank 25,800,000 07/07/98
06/30/98 PNC Bank 21,000,000 07/10/98
JCP&L
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/01/98 Sumitomo Bank $23,000,000 04/02/98
04/02/98 Bank of New York 12,100,000 04/03/98
04/15/98 Chase Manhattan Bank 20,000,000 04/16/98
04/16/98 Banca Popolare Di Milano 10,200,000 04/17/98
04/17/98 Bank of New York 7,700,000 04/20/98
04/21/98 Bank of New York 12,500,000 04/22/98
04/28/98 Chase Manhattan Bank 7,000,000 04/29/98
04/29/98 First Union National Bank 1,500,000 04/30/98
05/05/98 Bank of New York 21,800,000 05/06/98
05/06/98 Morgan Guaranty Trust 20,300,000 05/13/98
05/07/98 Banca Popolare Di Milano 2,800,000 05/08/98
05/08/98 Citibank, N.A. 7,800,000 05/14/98
05/11/98 First Union National Bank 7,500,000 05/12/98
05/13/98 Chase Manhattan Bank 20,700,000 05/14/98
05/14/98 Chase Manhattan Bank 21,300,000 05/21/98
05/15/98 Chase Manhattan Bank 14,400,000 05/26/98
05/15/98 Chase Manhattan Bank 14,700,000 05/22/98
05/15/98 Chase Manhattan Bank 14,700,000 05/28/98
05/15/98 First Union National Bank 26,000,000 05/18/98
05/18/98 Banca Popolare Di Milano 18,800,000 05/19/98
05/20/98 Morgan Guaranty Trust 10,000,000 05/29/98
05/20/98 Morgan Guaranty Trust 10,000,000 06/01/98
05/22/98 Morgan Guaranty Trust 6,600,000 06/05/98
05/26/98 Morgan Guaranty Trust 13,400,000 06/09/98
05/27/98 Banca Popolare Di Milano 8,900,000 06/03/98
05/28/98 Chase Manhattan Bank 16,300,000 06/10/98
05/28/98 Citibank, N.A. 15,000,000 06/11/98
05/28/98 First Union National Bank 2,300,000 06/04/98
05/29/98 Sumitomo Bank 11,900,000 06/02/98
06/02/98 Sumitomo Bank 700,000 06/03/98
06/04/98 Chase Manhattan Bank 5,900,000 06/05/98
06/05/98 Morgan Guaranty Trust 7,900,000 06/12/98
06/09/98 Morgan Guaranty Trust 5,200,000 06/16/98
06/15/98 Chase Manhattan Bank 20,000,000 06/19/98
06/15/98 Citibank, N.A. 15,000,000 06/22/98
06/15/98 First Union National Bank 6,500,000 06/24/98
06/15/98 Mellon Bank 5,500,000 06/16/98
06/15/98 Morgan Guaranty Trust 24,800,000 06/24/98
06/16/98 Chase Manhattan Trust 14,400,000 06/23/98
06/17/98 Morgan Guaranty Trust 11,200,000 06/25/98
-9-
JCP&L (cont.)
- -----
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
06/24/98 First Union National Bank $ 6,400,000 07/08/98
06/24/98 Morgan Guaranty Trust 23,100,000 07/10/98
06/25/98 Bank of New York 20,000,000 06/26/98
06/25/98 Bank of Pennsylvania 12,600,000 07/06/98
06/25/98 Chase Manhattan Bank 26,600,000 07/09/98
06/25/98 CIBC 20,000,000 07/01/98
06/25/98 Union Bank of Switzerland 10,000,000 07/02/98
06/26/98 Chase Manhattan Bank 26,600,000 06/30/98
06/26/98 Chase Manhattan Bank 1,800,000 07/13/98
06/26/98 Citibank, N.A. 10,300,000 07/01/98
06/29/98 Citibank, N.A. 4,700,000 07/07/98
06/29/98 Union Bank of Switzerland 10,900,000 07/07/98
Met-Ed
- ------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/01/98 Chase Manhattan Bank $ 9,500,000 04/08/98
04/02/98 Sumitomo Bank 12,700,000 04/16/98
04/03/98 Banca Popolare Di Milano 2,700,000 04/06/98
04/06/98 Chase Manhattan Bank 5,700,000 04/13/98
04/08/98 Morgan Guaranty Trust 7,200,000 04/22/98
04/09/98 Chase Manhattan Bank 14,300,000 04/23/98
04/10/98 Citibank, N.A. 12,100,000 04/17/98
04/13/98 Morgan Guaranty Trust 13,600,000 04/27/98
04/14/98 Summit Bank 7,400,000 04/21/98
04/15/98 Banca Popolare Di Milano 7,000,000 04/22/98
04/16/98 Morgan Guaranty Trust 12,000,000 04/28/98
04/20/98 First Union Bank 900,000 04/21/98
04/22/98 Morgan Guaranty Trust 13,400,000 05/06/98
04/24/98 Sumitomo Bank 9,400,000 04/29/98
04/28/98 Chase Manhattan Bank 11,400,000 05/12/98
05/05/98 Banca Popolare Di Milano 3,400,000 05/06/98
05/06/98 Morgan Guaranty Trust 16,600,000 05/13/98
05/13/98 Banca Popolare Di Milano 5,400,000 05/14/98
05/14/98 Chase Manhattan Bank 25,700,000 05/15/98
05/22/98 Morgan Guaranty Trust 23,700,000 06/05/98
05/27/98 Chase Manhattan Bank 20,000,000 06/03/98
06/05/98 Morgan Guaranty Trust 21,300,000 06/11/98
06/09/98 Morgan Guaranty Trust 16,100,000 06/16/98
06/10/98 Morgan Guaranty Trust 18,500,000 06/17/98
06/15/98 First Union Bank 9,500,000 06/16/98
06/17/98 Morgan Guaranty Trust 18,500,000 06/24/98
06/23/98 Banca Popolare Di Milano 3,900,000 07/07/98
06/23/98 Chase Manhattan Bank 5,700,000 06/30/98
06/24/98 Morgan Guaranty Trust 5,000,000 07/10/98
06/24/98 PNC Bank 9,200,000 07/08/98
06/26/98 Banca Popolare Di Milano 8,300,000 07/06/98
06/26/98 PNC Bank 25,800,000 06/29/98
-10-
Met-Ed (cont.)
- ------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
06/26/98 Summit Bank 4,700,000 07/09/98
06/29/98 Sumitomo Bank 17,700,000 06/30/98
Penelec
- -------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/02/98 Sumitomo Bank $12,300,000 04/03/98
04/03/98 Morgan Guaranty Trust 8,800,000 04/17/98
04/06/98 Morgan Guaranty Trust 17,700,000 04/13/98
04/08/98 Morgan Guaranty Trust 12,600,000 04/22/98
04/09/98 Morgan Guaranty Trust 14,800,000 04/16/98
04/10/98 Mellon Bank 19,700,000 04/24/98
04/13/98 Chase Manhattan Bank 12,800,000 04/27/98
04/16/98 Morgan Guaranty Trust 12,100,000 04/23/98
04/20/98 First Union Bank 500,000 04/21/98
04/22/98 Morgan Guaranty Trust 11,900,000 05/06/98
04/27/98 Mellon Bank 4,000,000 04/28/98
04/28/98 Chase Manhattan Bank 16,400,000 05/12/98
04/30/98 Morgan Guaranty Trust 9,800,000 05/14/98
05/01/98 Morgan Guaranty Trust 15,400,000 05/15/98
05/06/98 Morgan Guaranty Trust 9,300,000 05/20/98
05/11/98 Citibank, N.A. 5,800,000 05/26/98
05/12/98 Chase Manhattan Bank 15,100,000 05/13/98
05/13/98 Morgan Guaranty Trust 14,100,000 05/27/98
05/15/98 Morgan Guaranty Trust 16,500,000 05/26/98
05/22/98 Morgan Guaranty Trust 15,300,000 06/05/98
05/26/98 Morgan Guaranty Trust 17,400,000 06/09/98
06/09/98 Morgan Guaranty Trust 14,700,000 06/16/98
06/10/98 Morgan Guaranty Trust 25,700,000 06/17/98
06/15/98 First Union Bank 10,000,000 06/16/98
06/17/98 Morgan Guaranty Trust 23,100,000 06/24/98
06/23/98 First Union Bank 20,200,000 07/02/98
06/23/98 First Union Bank 4,700,000 07/02/98
06/24/98 Morgan Guaranty Trust 20,800,000 07/10/98
06/25/98 Summit Bank 15,300,000 06/30/98
06/26/98 Banca Popolare Di Milano 5,800,000 07/09/98
06/26/98 Fuji Bank 20,000,000 06/29/98
06/26/98 Union Bank of Switzerland 1,900,000 06/29/98
06/29/98 Union Bank of Switzerland 4,100,000 07/13/98
Each such unsecured promissory note bears interest at a rate
(after giving effect to any fees of compensating balance requirements) not
exceeding 125% of the greater of (A) the lending
-11-
<PAGE>
bank's prime rate for commercial borrowings in effect from time to time, and (B)
the Federal Funds Rate plus 1/2/of 1%, as in effect at the date of borrowing.
During the period of April 1, 1998 through June 30, 1998, the
Companies repaid unsecured promissory notes issued to banks, as follows:
GPU
- ---
Date Bank Amount
- ---- ---- ------
04/06/98 Merchants of Bangor $ 300,0000
4/06/98 PNC Bank 25,800,0000
4/07/98 First Union National Bank 22,500,0000
4/08/98 Credit Agricole 19,100,000
04/09/98 Banca Popolare Di Milano 6,700,000
04/09/98 Chase Manhattan Bank 12,200,000
04/10/98 First Union National Bank 15,700,000
04/13/98 PNC Bank 25,600,000
04/14/98 Banca Popolare Di Milano 10,000,000
04/16/98 Banca Popolare Di Milano 12,600,000
04/17/98 First Union National Bank 15,700,000
04/20/98 PNC Bank 12,700,000
04/21/98 Summit Bank 10,000,0000
4/22/98 Morgan Guaranty Trust 19,100,000
4/23/98 Banca Popolare Di Milano 6,700,000
04/23/98 Sumitomo Bank 12,300,000
04/24/98 Banca Popolare Di Milano 15,800,000
04/27/98 PNC Bank 13,000,000
04/28/98 Banca Popolare Di Milano 13,000,000
04/29/98 First Union National Bank 13,000,000
04/30/98 Sumitomo Bank 12,600,000
05/01/98 Banca Popolare Di Milano 15,900,000
05/04/98 First Union National Bank 12,800,000
05/05/98 Summit Bank 9,900,000
05/06/98 Morgan Guaranty Trust 19,200,000
05/07/98 Chase Manhattan Bank 19,000,000
05/08/98 Sumitomo Bank 15,900,000
05/11/98 Banca Popolare Di Milano 12,900,000
05/12/98 Summit Bank 9,900,000
05/13/98 Banca Popolare Di Milano 12,900,000
05/14/98 Banca Popolare Di Milano 3,900,000
05/14/98 First Union National Bank 12,700,000
05/15/98 Banca Popolare Di Milano 16,600,000
05/18/98 Banca Popolare Di Milano 13,000,000
-12-
<PAGE>
GPU (cont.)
Date Bank Amount
- --------- ---- ------
05/19/98 First Union National Bank $ 2,000,000
05/19/98 Fuji Bank 9,900,000
05/19/98 Sumitomo Bank 9,100,000
05/20/98 Morgan Guaranty Trust 19,200,000
05/20/98 Sumitomo Bank 9,100,000
05/21/98 Bank of New York 12,200,000
05/21/98 Chase Manhattan Bank 19,200,000
05/22/98 First Union National Bank 11,500,000
05/22/98 Sumitomo Bank 15,900,000
05/26/98 Banca Popolare Di Milano 11,900,000
05/26/98 Banca Popolare Di Milano 11,100,000
05/27/98 First Union National Bank 8,000,000
05/28/98 Sumitomo Bank 9,800,000
05/28/98 Sumitomo Bank 9,100,000
05/29/98 Summit Bank 16,900,000
06/01/98 Banca Popolare Di Milano 7,000,000
06/02/98 Chase Manhattan Bank 13,700,000
06/03/98 Banca Popolare Di Milano 14,100,000
06/04/98 Chase Manhattan Bank 20,000,000
06/05/98 First Union National Bank 4,200,000
06/05/98 Morgan Guaranty Trust 13,700,000
06/08/98 First Union National Bank 15,600,000
06/09/98 First Union National Bank 15,000,000
06/10/98 Summit Bank 15,000,000
06/11/98 Banca Popolare Di Milano 7,100,000
06/11/98 First Union National Bank 7,900,000
06/12/98 Banca Popolare Di Milano 7,000,000
06/12/98 First Union National Bank 11,000,000
06/15/98 First Union National Bank 16,000,000
06/16/98 Morgan Guaranty Trust 14,700,000
06/16/98 Sumitomo Bank 13,700,000
06/17/98 PNC Bank 3,700,000
06/17/98 Sumitomo Bank 11,300,000
06/18/98 Banca Popolare Di Milano 15,900,000
06/19/98 Chase Manhattan Bank 18,000,000
06/22/98 Credit Agricole 17,100,000
06/23/98 Sumitomo Bank 13,700,000
06/23/98 Sumitomo Bank 4,000,000
06/24/98 First Union National Bank 14,800,000
06/25/98 Summit Bank 15,100,000
06/26/98 Banca Popolare Di Milano 14,100,000
06/26/98 Summit Bank 4,000,000
06/29/98 Morgan Guaranty Trust 13,800,000
06/29/98 Sumitomo Bank 17,700,000
06/30/98 Chase Manhattan Bank 17,700,000
06/30/98 Fuji Bank 3,300,000
-13-
JCP&L
- -----
Date Bank Amount
---- ---- ------
04/02/98 Sumitomo Bank $23,000,000
04/03/98 Bank of New York 12,100,000
04/16/98 Chase Manhattan Bank 20,000,000
04/17/98 Banca Popolare Di Milano 10,200,000
04/20/98 Bank of New York 7,700,000
04/22/98 Bank of New York 12,500,000
04/29/98 Chase Manhattan Bank 7,000,000
04/30/98 First Union National Bank 1,500,000
05/06/98 Bank of New York 21,800,000
05/08/98 Banca Popolare Di Milano 2,800,000
05/12/98 First Union National Bank 7,500,000
05/13/98 Morgan Guaranty Trust 20,300,000
05/14/98 Chase Manhattan Bank 20,700,000
05/14/98 Citibank, N.A. 7,800,000
05/18/98 First Union National Bank 26,000,000
05/19/98 Banca Popolare Di Milano 18,800,000
05/21/98 Chase Manhattan Bank 21,300,000
05/22/98 Chase Manhattan Bank 14,700,000
05/26/98 Chase Manhattan Bank 14,400,000
05/28/98 Chase Manhattan Bank 14,700,000
05/29/98 Morgan Guaranty Trust 10,000,000
06/01/98 Morgan Guaranty Trust 10,000,000
06/02/98 Sumitomo Bank 11,900,000
06/03/98 Banca Popolare Di Milano 8,900,000
06/03/98 Sumitomo Bank 700,000
06/04/98 First Union National Bank 2,300,000
06/05/98 Chase Manhattan Bank 5,900,000
06/05/98 Morgan Guaranty Trust 6,600,000
06/09/98 Morgan Guaranty Trust 13,400,000
06/10/98 Chase Manhattan Bank 16,300,000
06/11/98 Citibank, N.A. 15,000,000
06/12/98 Morgan Guaranty Trust 7,900,000
06/16/98 Mellon Bank 5,500,000
06/16/98 Morgan Guaranty Trust 5,200,000
06/19/98 Chase Manhattan Bank 20,000,000
06/22/98 Citibank, N.A. 15,000,000
06/23/98 Chase Manhattan Bank 14,400,000
06/24/98 First Union National Bank 6,500,000
06/24/98 Morgan Guaranty Trust 24,800,000
06/25/98 Morgan Guaranty Trust 11,200,000
06/26/98 Bank of New York 20,000,000
06/30/98 Chase Manhattan Bank 26,600,000
-14-
<PAGE>
Met-Ed
Date Bank Amount
- ----- ---- ------
04/01/98 Chase Manhattan Bank $ 9,500,0000
4/03/98 First Union National Bank 7,300,0000
4/06/98 Banca Popolare Di Milano 2,700,000
04/06/98 Chase Manhattan Bank 7,800,000
04/07/98 Banca Popolare Di Milano 19,000,000
04/07/98 Chase Manhattan Bank 6,400,000
04/08/98 Chase Manhattan Bank 9,500,000
04/09/98 Summit Bank 7,400,000
04/09/98 Summit Bank 10,000,000
04/10/98 Citibank, N.A. 14,200,000
04/13/98 Chase Manhattan Bank 5,700,000
04/14/98 CoreStates Bank 7,800,000
04/16/98 Sumitomo Bank 12,700,000
04/17/98 Citibank, N.A. 12,100,000
04/21/98 First Union National Bank 900,000
04/21/98 Summit Bank 7,400,000
04/22/98 Banca Popolare Di Milano 7,000,000
04/22/98 Morgan Guaranty Trust 7,200,000
04/23/98 Chase Manhattan Bank 14,300,000
04/27/98 Morgan Guaranty Trust 13,600,000
04/28/98 Morgan Guaranty Trust 12,000,000
04/29/98 Sumitomo Bank 9,400,000
05/06/98 Banca Popolare Di Milano 3,400,000
05/06/98 Morgan Guaranty Trust 13,400,000
05/12/98 Chase Manhattan Bank 16,600,000
05/14/98 Banca Popolare Di Milano 5,400,000
05/15/98 Chase Manhattan Bank 25,700,000
06/03/98 Chase Manhattan Bank 20,000,000
06/05/98 Morgan Guaranty Trust 23,700,000
06/11/98 Morgan Guaranty Trust 21,300,000
06/16/98 First Union National Bank 9,500,000
06/16/98 Morgan Guaranty Trust 16,100,000
06/17/98 Morgan Guaranty Trust 18,500,000
06/24/98 Morgan Guaranty Trust 18,500,000
06/29/98 PNC Bank 25,800,000
06/30/98 Sumitomo Bank 17,700,000
06/30/98 Chase Manhattan Bank 5,700,000
Penelec
- -------
Date Bank Amount
- ---- ---- ------
04/02/98 Banca Popolare Di Milano $ 4,300,000
04/03/98 Sumitomo Bank 12,300,000
04/06/98 Morgan Guaranty Trust 22,800,000
04/07/98 Chase Manhattan Bank 20,900,000
04/08/98 Chase Manhattan Bank 15,200,000
04/09/98 Morgan Guaranty Trust 17,000,000
-15-
<PAGE>
Penelec (cont.)
- -------
Date Bank Amount
- ---- ---- ------
04/10/98 First Union National Bank $ 500,000
04/10/98 PNC Bank 23,100,000
04/13/98 Morgan Guaranty Trust 17,700,000
04/14/98 CIBC 12,200,000
04/16/98 Morgan Guaranty Trust 14,800,000
04/17/98 Morgan Guaranty Trust 8,800,000
04/21/98 First Union National Bank 500,000
04/22/98 Morgan Guaranty Trust 12,600,000
04/23/98 Morgan Guaranty Trust 12,100,000
04/24/98 Mellon Bank 19,700,000
04/27/98 Chase Manhattan Bank 12,800,000
04/28/98 Mellon Bank 4,000,000
05/06/98 Morgan Guaranty Trust 11,900,000
05/12/98 Chase Manhattan Bank 16,400,000
05/13/98 Chase Manhattan Bank 15,100,000
05/14/98 Morgan Guaranty Trust 9,800,000
05/15/98 Morgan Guaranty Trust 15,400,000
05/20/98 Morgan Guaranty Trust 9,300,000
05/26/98 Citibank, N.A. 5,800,000
05/26/98 Morgan Guaranty Trust 16,500,000
05/27/98 Morgan Guaranty Trust 14,100,000
06/05/98 Morgan Guaranty Trust 15,300,000
06/09/98 Morgan Guaranty Trust 17,400,000
06/16/98 First Union National Bank 10,000,000
06/16/98 Morgan Guaranty Trust 14,700,000
06/17/98 Morgan Guaranty Trust 25,700,000
06/24/98 Morgan Guaranty Trust 23,100,000
06/29/98 Fuji Bank 20,000,000
06/29/98 Union Bank of Switzerland 1,900,000
06/30/98 Summit Bank 15,300,000
To summarize the above transactions, at June 30, 1998 the GPU
Companies had outstanding unsecured promissory notes pursuant to informal bank
lines of credit as follows:
GPU $127,000,000
JCP&L 126,400,000
Met-Ed 31,100,000
Penelec 55,600,000
-16-
<PAGE>
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 UNDERSIGNED 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
Date: July 14, 1998
