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:
1. During the period January 1, 1998 through March 31, 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
2
<PAGE>
including by Amendment No. 1 dated as of March 31, 1997, 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 December 31, 1997, JCP&L, Met-Ed
and Penelec had outstanding unsecured short-term promissory notes issued as
commercial paper as follows:
Company Amount
------- ------
JCP&L $19,500,000
Met-Ed 18,500,000
Penelec 16,800,000
3. During the period January 1,1998 through March 31, 1998,
JCP&L, Met-Ed, and Penelec issued and sold (and paid at maturity where such
commercial paper matured on or before March 31, 1998) unsecured short-term
promissory notes as commercial paper as follows:
JCP&L
- -----
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
01/02/98 01/16/98 $7,400,000
01/08/98 01/15/98 21,700,000
01/09/98 01/14/98 5,000,000
01/09/98 01/16/98 16,900,000
01/12/98 01/20/98 10,600,000
01/15/98 01/22/98 12,900,000
01/16/98 01/23/98 20,300,000
01/20/98 01/27/98 16,700,000
01/21/98 01/28/98 17,200,000
01/22/98 01/29/98 18,700,000
01/27/98 02/03/98 14,300,000
01/28/98 02/04/98 20,600,000
01/30/98 02/13/98 21,800,000
02/03/98 02/04/98 9,300,000
02/03/98 02/10/98 2,900,000
02/04/98 02/10/98 17,800,000
02/09/98 02/10/98 1,400,000
02/10/98 02/17/98 11,300,000
02/24/98 02/25/98 9,000,000
02/25/98 02/26/98 19,500,000
03/04/98 03/09/98 8,400,000
3
<PAGE>
03/11/98 03/12/98 18,100,000
03/12/98 03/17/98 10,000,000
03/17/98 03/18/98 6,100,000
Met-Ed
- ------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
01/02/98 01/16/98 $ 9,500,000
01/05/98 01/12/98 5,300,000
01/06/98 01/13/98 17,900,000
01/07/98 01/14/98 14,100,000
01/08/98 01/15/98 14,000,000
01/09/98 01/12/98 5,300,000
01/09/98 01/16/98 5,000,000
01/13/98 01/20/98 14,900,000
01/14/98 01/21/98 14,100,000
01/16/98 01/23/98 13,900,000
01/20/98 01/27/98 23,000,000
01/23/98 01/28/98 13,200,000
01/27/98 02/03/98 17,100,000
01/28/98 02/04/98 19,100,000
01/29/98 02/12/98 9,500,000
02/02/98 02/09/98 24,800,000
02/03/98 02/10/98 12,600,000
02/04/98 02/11/98 19,400,000
02/09/98 02/13/98 17,000,000
02/10/98 02/17/98 8,300,000
02/11/98 02/18/98 18,900,000
02/12/98 02/19/98 11,100,000
02/13/98 02/20/98 14,300,000
02/18/98 02/24/98 11,700,000
02/19/98 02/26/98 11,000,000
02/20/98 02/27/98 18,100,000
02/23/98 03/03/98 4,100,000
02/24/98 03/03/98 5,700,000
02/24/98 03/03/98 5,000,000
03/02/98 03/09/98 16,300,000
03/04/98 03/11/98 17,400,000
03/05/98 03/12/98 8,700,000
03/06/98 03/13/98 7,500,000
03/09/98 03/13/98 13,300,000
03/10/98 03/17/98 11,000,000
03/12/98 03/19/98 17,000,000
03/13/98 03/20/98 6,900,000
03/16/98 03/23/98 17,300,000
03/18/98 03/25/98 24,800,000
03/19/98 03/26/98 14,800,000
03/23/98 03/30/98 14,200,000
03/30/98 03/31/98 10,000,000
<PAGE>
Penelec
- -------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
01/02/98 01/16/98 $14,900,000
01/06/98 01/13/98 12,100,000
01/07/98 01/14/98 15,200,000
01/08/98 01/15/98 12,900,000
01/09/98 01/15/98 5,000,000
01/09/98 01/16/98 4,800,000
01/14/98 01/21/98 11,500,000
01/15/98 01/22/98 21,900,000
01/16/98 01/23/98 17,500,000
01/22/98 01/29/98 21,700,000
01/23/98 01/28/98 17,400,000
01/27/98 02/03/98 14,200,000
01/28/98 02/04/98 23,300,000
01/29/98 02/12/98 23,400,000
02/03/98 02/10/98 20,800,000
02/09/98 02/13/98 25,100,000
02/10/98 02/17/98 4,800,000
02/10/98 02/18/98 14,200,000
02/12/98 02/19/98 22,300,000
02/13/98 02/20/98 20,100,000
02/18/98 02/25/98 9,500,000
02/20/98 02/27/98 18,800,000
02/23/98 03/03/98 17,500,000
02/24/98 03/04/98 13,600,000
02/27/98 03/09/98 22,300,000
03/04/98 03/11/98 26,000,000
03/05/98 03/12/98 6,400,000
03/06/98 03/13/98 11,900,000
03/09/98 03/12/98 6,500,000
03/10/98 03/13/98 10,200,000
03/12/98 03/19/98 15,100,000
03/13/98 03/20/98 24,600,000
03/18/98 03/25/98 21,900,000
03/19/98 03/26/98 12,800,000
To summarize the above transactions, at 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
5
<PAGE>
4. At the close of business on December 31, 1997, the GPU Companies had
outstanding unsecured short-term promissory notes representing bank borrowings
under informal bank lines, as follows:
Company Amount
------- ------
GPU $91,600,000
JCP&L 95,800,000
Met-Ed 48,800,000
Penelec 60,800,000
During the period January 1, 1998 through March 31, 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
- ---- ---- ------ --------
01/02/98 First Union National Bank $ 7,400,000 01/16/98
01/02/98 Sumitomo Bank 10,000,000 01/06/98
01/05/98 Summit Bank 10,000,000 01/13/98
01/06/98 Chase Manhattan Bank 10,000,000 01/13/98
01/07/98 Sumitomo Bank 10,000,000 01/14/98
01/08/98 Chase Manhattan Bank 10,000,000 01/15/98
01/08/98 Fuji Bank 7,100,000 01/15/98
01/09/98 Fuji Bank 7,200,000 01/16/98
01/12/98 Banca Popolare Di Milano 19,000,000 01/20/98
01/13/98 Sumitomo Bank 5,100,000 01/21/98
01/13/98 Summit Bank 15,000,000 01/26/98
01/14/98 Chase Manhattan Bank 10,000,000 01/21/98
01/15/98 Sumitomo Bank 17,000,000 01/22/98
01/16/98 PNC Bank 15,000,000 01/23/98
01/20/98 Bank of New York 19,000,000 01/27/98
01/21/98 Banca Popolare Di Milano 15,200,000 01/28/98
01/22/98 Sumitomo Bank 17,000,000 01/29/98
01/23/98 Morgan Guaranty Trust 16,000,000 01/30/98
01/26/98 PNC Bank 13,800,000 02/09/98
01/27/98 Summit Bank 19,100,000 02/10/98
01/28/98 Banca Popolare Di Milano 15,000,000 02/03/98
01/29/98 Chase Manhattan Bank 14,800,000 02/12/98
01/29/98 Swiss Bank Corp. 2,200,000 02/02/98
01/30/98 First Union National Bank 16,000,000 02/11/98
02/02/98 Banca Popolare Di Milano 2,200,000 02/09/98
02/03/98 PNC Bank 15,300,000 02/10/98
02/09/98 Sumitomo Bank 15,800,000 02/12/98
02/10/98 Banca Popolare Di Milano 19,000,000 02/13/98
02/10/98 Sumitomo Bank 5,500,000 02/17/98
02/10/98 Swiss Bank Corp. 10,000,000 02/17/98
02/11/98 Summit Bank 16,000,000 02/18/98
02/12/98 Chase Manhattan Bank 20,000,000 02/18/98
02/12/98 Sumitomo Bank 10,700,000 02/18/98
02/13/98 Banca Popolare Di Milano 19,000,000 02/19/98
02/17/98 First Union National Bank 15,500,000 02/19/98
02/18/98 Bank of New York 32,000,000 02/19/98
02/18/98 Sumitomo Bank 14,700,000 02/19/98
02/20/98 Credit Agricole 20,000,000 02/27/98
02/20/98 PNC Bank 16,800,000 02/26/98
02/20/98 Sumitomo Bank 25,000,000 02/23/98
02/23/98 Bank of New York 25,000,000 02/24/98
02/24/98 First Union National Bank 25,000,000 03/03/98
02/25/98 Banca Popolare Di Milano 19,000,000 03/05/98
02/25/98 PNC Bank 11,500,000 03/04/98
02/26/98 Chase Manhattan Bank 15,500,000 03/06/98
02/27/98 Bank of New York 20,000,000 03/02/98
03/02/98 Summit Bank 20,000,000 03/09/98
03/03/98 First Union National Bank 25,000,000 03/10/98
03/04/98 PNC Bank 11,500,000 03/11/98
03/05/98 Banca Popolare Di Milano 19,000,000 03/12/98
03/06/98 Morgan Guaranty Trust 15,600,000 03/13/98
03/09/98 Bank of New York 1,000,000 03/10/98
03/09/98 Summit Bank 19,100,000 03/16/98
03/10/98 Chase Manhattan Bank 20,000,000 03/17/98
03/10/98 Sumitomo Bank 5,700,000 03/17/98
03/11/98 Sumitomo Bank 11,500,000 03/18/98
03/12/98 Banca Popolare Di Milano 19,000,000 03/19/98
03/13/98 PNC Bank 15,700,000 03/20/98
03/16/98 First Union National Bank 19,200,000 03/23/98
03/17/98 Chase Manhattan Bank 20,000,000 03/24/98
03/17/98 Sumitomo Bank 5,700,000 03/24/98
03/18/98 Sumitomo Bank 11,500,000 03/25/98
03/19/98 Banca Popolare Di Milano 11,300,000 03/25/98
03/19/98 Sumitomo Bank 7,800,000 03/26/98
03/20/98 Morgan Guaranty Trust 15,700,000 03/27/98
03/23/98 Fuji Bank 18,900,000 03/30/98
03/23/98 Merchants National Bank 300,000 04/06/98
03/24/98 PNC Bank 25,800,000 04/06/98
03/25/98 First Union National Bank 22,500,000 04/07/98
03/26/98 Banca Popolare Di Milano 6,700,000 04/09/98
03/26/98 Chase Manhattan Bank 12,200,000 04/09/98
03/27/98 First Union National Bank 15,700,000 04/10/98
03/30/98 Credit Agricole 19,100,000 04/08/98
6
<PAGE>
JCP&L
- -----
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
01/02/98 First Union National Bank $11,500,000 01/07/98
7
<PAGE>
01/05/98 First Union National Bank 10,700,000 01/12/98
01/06/98 Summit Bank 4,600,000 01/13/98
01/07/98 Citibank, N.A. 12,200,000 01/12/98
01/07/98 Sumitomo Bank 15,000,000 01/13/98
01/13/98 Chase Manhattan Bank 10,000,000 01/26/98
01/13/98 Chase Manhattan Bank 7,900,000 01/20/98
01/14/98 Morgan Guaranty Trust 23,500,000 01/21/98
01/15/98 Chase Manhattan Bank 10,000,000 01/22/98
01/23/98 Bank of New York 11,200,000 01/26/98
01/23/98 Chase Manhattan Bank 5,200,000 01/30/98
01/26/98 Citibank, N.A. 13,300,000 02/02/98
01/29/98 Chase Manhattan Bank 13,500,000 02/05/98
02/02/98 Chase Manhattan Bank 18,200,000 02/09/98
02/04/98 Citibank, N.A. 15,000,000 02/11/98
02/11/98 Bank of New York 12,500,000 02/12/98
02/12/98 Mellon Bank 9,000,000 02/18/98
02/13/98 Bank of New York 16,600,000 02/17/98
02/17/98 First Union National Bank 13,200,000 02/18/98
02/17/98 First Union National Bank 10,500,000 02/18/98
02/18/98 Citibank, N.A. 15,000,000 02/19/98
02/18/98 Sumitomo Bank 3,900,000 02/19/98
02/19/98 Bank of New York 11,600,000 02/20/98
02/20/98 Bank of New York 19,100,000 02/23/98
02/23/98 Sumitomo Bank 12,000,000 02/24/98
02/26/98 Chase Manhattan Bank 18,900,000 02/27/98
02/27/98 Bank of New York 5,000,000 03/02/98
02/27/98 Chase Manhattan Bank 8,900,000 03/03/98
03/02/98 Citibank, N.A. 5,000,000 03/03/98
03/02/98 Citibank, N.A. 10,000,000 03/09/98
03/03/98 Bank of New York 1,100,000 03/04/98
03/04/98 Bank of New York 10,000,000 03/05/98
03/05/98 Bank of New York 9,700,000 03/06/98
03/06/98 Citibank, N.A. 4,500,000 03/10/98
03/06/98 Morgan Guaranty Trust 5,000,000 03/12/98
03/09/98 Bank of New York 11,300,000 03/10/98
03/10/98 Bank of New York 13,200,000 03/11/98
03/12/98 Bank of New York 12,300,000 03/13/98
03/13/98 Bank of New York 11,500,000 03/16/98
03/16/98 Bank of New York 6,600,000 03/17/98
03/18/98 Bank of New York 6,300,000 03/19/98
03/20/98 Bank of New York 13,400,000 03/23/98
03/23/98 Bank of New York 6,500,000 03/24/98
03/27/98 Mellon Bank 6,400,000 03/30/98
03/30/98 Sumitomo Bank 5,100,000 03/31/98
Met-Ed
- ------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
01/02/98 First Union National Bank $11,100,000 01/06/98
01/12/98 Merchants National Bank 200,000 01/26/98
01/12/98 Morgan Guaranty Trust 4,400,000 01/20/98
8
<PAGE>
01/21/98 Bank of New York 10,500,000 01/22/98
01/22/98 Chase Manhattan Bank 9,400,000 01/29/98
02/17/98 Chase Manhattan Bank 9,200,000 02/23/98
02/25/98 Morgan Guaranty Trust 19,300,000 03/04/98
02/26/98 Chase Manhattan Bank 11,700,000 03/06/98
02/27/98 Sumitomo Bank 20,000,000 03/02/98
03/03/98 Sumitomo Bank 13,600,000 03/10/98
03/05/98 Morgan Guaranty Trust 5,000,000 03/12/98
03/11/98 Morgan Guaranty Trust 20,000,000 03/18/98
03/11/98 Sumitomo Bank 6,100,000 03/18/98
03/16/98 Chase Manhattan Bank 25,000,000 03/27/98
03/17/98 Morgan Guaranty Trust 10,600,000 03/24/98
03/20/98 First Union National Bank 7,300,000 04/03/98
03/24/98 Chase Manhattan Bank 7,800,000 04/06/98
03/25/98 Banca Popolare Di Milano 19,000,000 04/07/98
03/25/98 Chase Manhattan Bank 6,400,000 04/07/98
03/26/98 Summit Bank 7,400,000 04/09/98
03/26/98 Summit Bank 10,000,000 04/09/98
03/27/98 Chase Manhattan Bank 9,500,000 04/01/98
03/27/98 Citibank, N.A. 14,200,000 04/10/98
03/31/98 CoreStates Bank 7,800,000 04/14/98
Penelec
- -------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
01/02/98 Citibank, N.A. $15,000,000 01/06/98
01/05/98 Morgan Guaranty Trust 8,500,000 01/13/98
01/12/98 Morgan Guaranty Trust 11,600,000 01/20/98
01/13/98 Morgan Guaranty Trust 18,000,000 01/26/98
01/20/98 Morgan Guaranty Trust 10,300,000 01/27/98
01/21/98 Chase Manhattan Bank 5,400,000 01/28/98
01/26/98 Morgan Guaranty Trust 13,200,000 02/02/98
01/30/98 Chase Manhattan Bank 3,500,000 02/06/98
02/02/98 Morgan Guaranty Trust 16,400,000 02/17/98
02/04/98 Morgan Guaranty Trust 22,300,000 02/11/98
02/06/98 First Union National Bank 800,000 02/09/98
02/11/98 Morgan Guaranty Trust 20,400,000 02/23/98
02/13/98 Bank of New York 2,000,000 02/17/98
02/17/98 Chase Manhattan Bank 16,300,000 02/24/98
02/19/98 Chase Manhattan Bank 19,400,000 02/26/98
02/25/98 Morgan Guaranty Trust 9,000,000 03/05/98
02/26/98 Chase Manhattan Bank 15,600,000 03/06/98
02/26/98 Chase Manhattan Bank 4,500,000 03/05/98
03/02/98 CoreStates Bank 5,000,000 03/10/98
03/03/98 Morgan Guaranty Trust 15,400,000 03/10/98
03/05/98 Morgan Guaranty Trust 5,000,000 03/12/98
03/09/98 Citibank, N.A. 10,500,000 03/17/98
03/10/98 Morgan Guaranty Trust 15,000,000 03/17/98
03/11/98 Morgan Guaranty Trust 25,600,000 03/18/98
03/16/98 Chase Manhattan Bank 25,000,000 03/27/98
03/16/98 Fuji Bank 18,300,000 03/23/98
9
<PAGE>
03/17/98 Morgan Guaranty Trust 23,800,000 03/24/98
03/20/98 Morgan Guaranty Trust 21,200,000 03/30/98
03/23/98 Chase Manhattan Bank 15,200,000 04/08/98
03/24/98 Morgan Guaranty Trust 22,800,000 04/06/98
03/25/98 Chase Manhattan Bank 20,900,000 04/07/98
03/26/98 Morgan Guaranty Trust 17,000,000 04/09/98
03/27/98 First Union National Bank 500,000 04/10/98
03/27/98 PNC Bank 23,100,000 04/10/98
03/30/98 Sumitomo Bank 15,500,000 03/31/98
03/31/98 Banca Popolare Di Milano 4,300,000 04/02/98
03/31/98 CIBC 12,200,000 04/14/98
Each such unsecured promissory note bears interest at a rate
(after giving effect to any fees or compensating balance requirements) not
exceeding 125% of the greater of (A) the lending 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 January 1, 1998 through March 31, 1998, the
Companies repaid unsecured promissory notes issued to banks, as follows:
GPU
- ---
Date Bank Amount
- ---- ---- ------
01/02/98 First Union National Bank $17,400,000
01/05/98 CIBC 10,000,000
01/06/98 Sumitomo Bank 10,000,000
01/07/98 PNC Bank 10,000,000
01/08/98 Bank of New York 17,000,000
01/09/98 PNC Bank 7,200,000
01/12/98 Banca Popolare Di Milano 19,000,000
01/13/98 Chase Manhattan Bank 10,000,000
01/13/98 Summit Bank 10,000,000
01/14/98 Sumitomo Bank 10,000,000
01/15/98 Chase Manhattan Bank 10,000,000
01/15/98 Fuji Bank 7,100,000
01/16/98 First Union National Bank 7,400,000
01/16/98 Fuji Bank 7,200,000
01/20/98 Banca Popolare Di Milano 19,000,000
01/21/98 Chase Manhattan Bank 10,000,000
01/21/98 Sumitomo Bank 5,100,000
01/22/98 Sumitomo Bank 17,000,000
10
<PAGE>
01/23/98 PNC Bank 15,000,000
01/26/98 Summit Bank 15,000,000
01/27/98 Bank of New York 19,000,000
01/28/98 Banca Popolare Di Milano 15,200,000
01/29/98 Sumitomo Bank 17,000,000
01/30/98 Morgan Guaranty Trust 16,000,000
02/02/98 Swiss Bank Corp. 2,200,000
02/03/98 Banca Popolare Di Milano 15,000,000
02/09/98 Banca Popolare Di Milano 2,200,000
02/09/98 PNC Bank 13,800,000
02/10/98 PNC Bank 15,300,000
02/10/98 Summit Bank 19,100,000
02/11/98 First Union National Bank 16,000,000
02/12/98 Chase Manhattan Bank 14,800,000
02/12/98 Sumitomo Bank 15,800,000
02/13/98 Banca Popolare Di Milano 19,000,000
02/17/98 Sumitomo Bank 5,500,000
02/17/98 Swiss Bank Corp. 10,000,000
02/18/98 Chase Manhattan Bank 20,000,000
02/18/98 Sumitomo Bank 10,700,000
02/18/98 Summit Bank 16,000,000
02/19/98 Banca Popolare Di Milano 19,000,000
02/19/98 Bank of New York 32,000,000
02/19/98 First Union National Bank 15,500,000
02/19/98 Sumitomo Bank 14,700,000
02/23/98 Sumitomo Bank 25,000,000
02/24/98 Bank of New York 25,000,000
02/26/98 PNC Bank 16,800,000
02/27/98 Credit Agricole 20,000,000
03/02/98 Bank of New York 20,000,000
03/03/98 First Union National Bank 25,000,000
03/04/98 PNC Bank 11,500,000
03/05/98 Banca Popolare Di Milano 19,000,000
03/06/98 Chase Manhattan Bank 15,500,000
03/09/98 Summit Bank 20,000,000
03/10/98 Bank of New York 1,000,000
03/10/98 First Union National Bank 25,000,000
03/11/98 PNC Bank 11,500,000
03/12/98 Banca Popolare Di Milano 19,000,000
03/13/98 Morgan Guaranty Trust 15,600,000
03/16/98 Summit Bank 19,100,000
03/17/98 Chase Manhattan Bank 20,000,000
03/17/98 Sumitomo Bank 5,700,000
03/18/98 Sumitomo Bank 11,500,000
03/19/98 Banca Popolare Di Milano 19,000,000
03/20/98 PNC Bank 15,700,000
03/23/98 First Union National Bank 19,200,000
03/24/98 Chase Manhattan Bank 20,000,000
03/24/98 Sumitomo Bank 5,700,000
03/25/98 Banca Popolare Di Milano 11,300,000
03/25/98 Sumitomo Bank 11,500,000
03/26/98 Banca Popolare Di Milano 11,000,000
03/26/98 Sumitomo Bank 7,800,000
11
<PAGE>
03/27/98 Morgan Guaranty Trust 15,700,000
03/30/98 Fuji Bank 18,900,000
JCP&L
- -----
Issue
Date Bank Amount
---- ---- ------
01/05/98 Corestates Bank $10,000,000
01/05/98 First Union National Bank 16,600,000
01/06/98 Chase Manhattan Bank 10,000,000
01/07/98 Chase Manhattan Bank 10,000,000
01/07/98 First Union National Bank 11,500,000
01/08/98 Chase Manhattan Bank 15,000,000
01/08/98 CIBC 10,000,000
01/09/98 Bank of Pennsylvania 15,000,000
01/09/98 PNC Bank 9,200,000
01/12/98 Citibank, N.A. 12,200,000
01/12/98 First Union National Bank 10,700,000
01/13/98 Sumitomo Bank 15,000,000
01/13/98 Summit Bank 4,600,000
01/20/98 Chase Manhattan Bank 7,900,000
01/21/98 Morgan Guaranty Trust 23,500,000
01/22/98 Chase Manhattan Bank 10,000,000
01/26/98 Bank of New York 11,200,000
01/26/98 Chase Manhattan Bank 10,000,000
01/30/98 Chase Manhattan Bank 5,200,000
02/02/98 Citibank, N.A. 13,300,000
02/05/98 Chase Manhattan Bank 13,500,000
02/09/98 Chase Manhattan Bank 18,200,000
02/11/98 Citibank, N.A. 15,000,000
02/12/98 Bank of New York 12,500,000
02/17/98 Bank of New York 16,600,000
02/18/98 First Union National Bank 13,200,000
02/18/98 First Union National Bank 10,500,000
02/18/98 Mellon Bank 9,000,000
02/19/98 Citibank, N.A. 15,000,000
02/19/98 Sumitomo Bank 3,900,000
02/20/98 Bank of New York 11,600,000
02/23/98 Bank of New York 19,100,000
02/24/98 Sumitomo Bank 12,000,000
02/27/98 Chase Manhattan Bank 18,900,000
03/02/98 Bank of New York 5,000,000
03/03/98 Chase Manhattan Bank 8,900,000
03/03/98 Citibank, N.A. 5,000,000
03/04/98 Bank of New York 1,100,000
03/05/98 Bank of New York 10,000,000
03/06/98 Bank of New York 9,700,000
03/09/98 Citibank, N.A. 10,000,000
03/10/98 Bank of New York 11,300,000
03/10/98 Citibank, N.A. 4,500,000
03/11/98 Bank of New York 13,200,000
03/12/98 Morgan Guaranty Trust 5,000,000
12
<PAGE>
03/13/98 Bank of New York 12,300,000
03/16/98 Bank of New York 11,500,000
03/17/98 Bank of New York 6,600,000
03/19/98 Bank of New York 6,300,000
03/23/98 Bank of New York 13,400,000
03/24/98 Bank of New York 6,500,000
03/30/98 Mellon Bank 6,400,000
03/31/98 Sumitomo Bank 5,100,000
Met-Ed
- ------
Issue
Date Bank Amount
---- ---- ------
01/02/98 First Union National Bank $ 4,100,000
01/05/98 First Union National Bank 9,400,000
01/06/98 First Union National Bank 11,100,000
01/06/98 Summit Bank 8,000,000
01/08/98 Chase Manhattan Bank 15,000,000
01/09/98 PNC Bank 12,300,000
01/20/98 Morgan Guaranty Trust 4,400,000
01/22/98 Bank of New York 10,500,000
01/26/98 Merchants National Bank 200,000
01/29/98 Chase Manhattan Bank 9,400,000
02/23/98 Chase Manhattan Bank 9,200,000
03/02/98 Sumitomo Bank 20,000,000
03/04/98 Morgan Guaranty Trust 19,300,000
03/06/98 Chase Manhattan Bank 11,700,000
03/10/98 Sumitomo Bank 13,600,000
03/12/98 Morgan Guaranty Trust 5,000,000
03/18/98 Morgan Guaranty Trust 20,000,000
03/18/98 Sumitomo Bank 6,100,000
03/24/98 Morgan Guaranty Trust 10,600,000
03/27/98 Chase Manhattan Bank 25,000,000
Penelec
- -------
Issue
Date Bank Amount
---- ---- ------
01/02/98 First Union National Bank $ 7,700,000
01/05/98 Summit Bank 12,000,000
01/06/98 Citibank, N.A. 15,000,000
01/08/98 Chase Manhattan Bank 15,000,000
01/09/98 PNC Bank 11,100,000
01/12/98 Bank of New York 15,000,000
01/13/98 Morgan Guaranty Trust 8,500,000
01/20/98 Morgan Guaranty Trust 11,600,000
01/26/98 Morgan Guaranty Trust 18,000,000
01/27/98 Morgan Guaranty Trust 10,300,000
01/28/98 Chase Manhattan Bank 5,400,000
02/02/98 Morgan Guaranty Trust 13,200,000
13
<PAGE>
02/06/98 Chase Manhattan Bank 3,500,000
02/09/98 First Union National Bank 800,000
02/11/98 Morgan Guaranty Trust 22,300,000
02/17/98 Bank of New York 2,000,000
02/17/98 Morgan Guaranty Trust 16,400,000
02/23/98 Morgan Guaranty Trust 20,400,000
02/24/98 Chase Manhattan Bank 16,300,000
02/26/98 Chase Manhattan Bank 19,400,000
03/05/98 Chase Manhattan Bank 4,500,000
03/05/98 Morgan Guaranty Trust 9,000,000
03/06/98 Chase Manhattan Bank 15,600,000
03/10/98 Corestates Bank 5,000,000
03/10/98 Morgan Guaranty Trust 15,400,000
03/12/98 Morgan Guaranty Trust 5,000,000
03/17/98 Citibank, N.A. 10,500,000
03/17/98 Morgan Guaranty Trust 15,000,000
03/18/98 Morgan Guaranty Trust 25,600,000
03/23/98 Fuji Bank 18,300,000
03/24/98 Morgan Guaranty Trust 23,800,000
03/27/98 Chase Manhattan Bank 25,000,000
03/30/98 Morgan Guaranty Trust 21,200,000
03/31/98 Sumitomo Bank 15,500,000
14
<PAGE>
To summarize the above transactions, at March 31, 1998 the GPU
Companies had outstanding unsecured promissory notes pursuant to informal bank
lines of credit as follows:
GPU $102,300,000
JCP&L 0
Met-Ed 89,400,000
Penelec 116,000,000
15
<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: April 3, 1998
