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 July 1, 1998 through September 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
2
<PAGE>
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 Manhattan Bank Securities, Inc., as
Arrangers, and no such borrowings were outstanding thereunder at such date.
2. At the close of business on 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
3. During the period July 1,1998 through September 30, 1998, JCP&L,
Met-Ed, and Penelec issued and sold (and paid at maturity where such commercial
paper matured on or before September 30, 1998) unsecured short-term promissory
notes as commercial paper as follows:
JCP&L
- -----
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
07/02/98 07/15/98 20,000,000
07/02/98 07/16/98 21,400,000
07/06/98 07/20/98 11,100,000
07/09/98 07/23/98 22,200,000
07/10/98 07/17/98 6,000,000
07/10/98 07/20/98 10,800,000
07/13/98 07/21/98 11,900,000
07/14/98 07/21/98 12,500,000
07/16/98 07/24/98 16,000,000
07/17/98 07/24/98 6,000,000
07/17/98 07/31/98 6,900,000
07/20/98 07/27/98 10,000,000
07/20/98 07/28/98 23,300,000
07/22/98 08/05/98 3,200,000
07/27/98 08/03/98 14,400,000
07/31/98 08/04/98 8,000,000
07/31/98 08/11/98 8,000,000
08/03/98 08/13/98 17,500,000
08/04/98 08/18/98 8,400,000
3
<PAGE>
JCP&L cont'd
- ------------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
08/05/98 08/14/98 15,300,000
08/10/98 08/17/98 5,500,000
08/11/98 08/13/98 3,100,000
08/12/98 08/19/98 13,100,000
08/20/98 08/24/98 24,700,000
08/24/98 08/27/98 37,600,000
09/02/98 09/08/98 20,200,000
09/11/98 09/18/98 16,400,000
09/16/98 09/23/98 9,600,000
09/18/98 09/25/98 14,400,000
09/23/98 10/02/98 25,000,000
09/24/98 09/25/98 22,300,000
Met-Ed
- ------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
07/01/98 07/08/98 16,900,000
07/02/98 07/06/98 13,000,000
07/06/98 07/07/98 16,600,000
07/07/98 07/09/98 13,900,000
07/08/98 07/15/98 22,000,000
07/09/98 07/10/98 10,000,000
07/09/98 07/16/98 6,400,000
07/13/98 07/20/98 19,900,000
07/14/98 07/15/98 10,000,000
07/14/98 07/21/98 11,400,000
07/15/98 07/22/98 10,700,000
07/16/98 07/27/98 8,500,000
07/17/98 07/24/98 10,400,000
07/20/98 07/21/98 10,000,000
07/20/98 07/23/98 10,000,000
07/21/98 07/28/98 23,800,000
07/23/98 08/06/98 14,800,000
07/27/98 07/29/98 14,900,000
07/29/98 08/05/98 19,300,000
08/03/98 08/10/98 8,200,000
08/05/98 08/11/98 10,000,000
08/05/98 08/12/98 9,500,000
08/06/98 08/13/98 10,600,000
08/10/98 08/17/98 5,000,000
08/11/98 08/12/98 7,400,000
08/12/98 08/19/98 16,100,000
08/13/98 08/20/98 11,300,000
08/14/98 08/17/98 4,300,000
08/18/98 08/21/98 10,900,000
08/21/98 08/24/98 10,900,000
08/24/98 08/28/98 7,700,000
08/26/98 09/02/98 15,500,000
08/26/98 09/03/98 19,000,000
08/27/98 08/28/98 9,800,000
08/27/98 08/31/98 10,000,000
08/28/98 09/04/98 16,300,000
4
<PAGE>
Met-Ed cont'd
- -------------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
09/02/98 09/09/98 27,900,000
09/04/98 09/11/98 16,900,000
09/08/98 09/14/98 3,000,000
09/09/98 09/16/98 26,800,000
09/16/98 09/21/98 13,000,000
09/16/98 09/23/98 12,800,000
09/25/98 09/28/98 41,800,000
Penelec
- -------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
07/01/98 07/08/98 17,200,000
07/02/98 07/07/98 28,100,000
07/06/98 07/14/98 17,100,000
07/07/98 07/09/98 6,200,000
07/08/98 07/16/98 14,400,000
07/09/98 07/14/98 3,900,000
07/09/98 07/16/98 6,000,000
07/13/98 07/20/98 29,100,000
07/14/98 07/21/98 19,700,000
07/15/98 07/27/98 8,100,000
07/16/98 07/23/98 18,500,000
07/17/98 07/24/98 17,100,000
07/20/98 07/27/98 9,600,000
07/21/98 07/28/98 20,800,000
07/23/98 08/06/98 15,500,000
07/24/98 07/30/98 14,000,000
07/27/98 08/04/98 20,600,000
07/29/98 08/07/98 19,100,000
08/03/98 08/11/98 17,400,000
08/04/98 08/12/98 18,400,000
08/05/98 08/13/98 19,300,000
08/06/98 08/14/98 15,600,000
08/07/98 08/17/98 15,300,000
08/10/98 08/18/98 14,000,000
08/11/98 08/19/98 16,100,000
08/12/98 08/20/98 14,800,000
08/13/98 08/21/98 14,500,000
08/17/98 08/24/98 16,700,000
08/18/98 08/25/98 12,400,000
08/24/98 08/31/98 9,400,000
08/25/98 09/01/98 11,200,000
08/26/98 09/02/98 12,700,000
08/26/98 09/03/98 20,000,000
08/27/98 09/04/98 20,900,000
08/28/98 09/11/98 10,000,000
08/28/98 09/11/98 1,900,000
09/01/98 09/09/98 22,700,000
09/02/98 09/10/98 20,700,000
09/04/98 09/14/98 18,400,000
09/08/98 09/15/98 13,500,000
09/09/98 09/16/98 21,600,000
5
<PAGE>
Penelec cont'd
- --------------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
09/16/98 09/23/98 19,000,000
09/25/98 09/28/98 29,300,000
To summarize the above transactions, at September 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 $ 25,000,000
Met-Ed 0
Penelec 0
4. At the close of business on June 30, 1998, the GPU Companies had
outstanding unsecured short-term promissory notes representing bank borrowings
under informal bank lines, as follows:
Company Amount
------- ------
GPU $127,000,000
JCP&L 126,400,000
Met-Ed 31,100,000
Penelec 55,600,000
During the period July 1,1998 through September 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
- ---- ---- ------ --------
07/01/98 PNC Bank $1,000,000 07/08/98
07/02/98 Banca Popolare di Milano 12,000,000 07/13/98
07/02/98 First Union National Bank 4,700,000 07/13/98
07/02/98 Sumitomo Bank 15,000,000 07/07/98
07/06/98 Banca Popolare di Milano 8,300,000 07/14/98
07/06/98 Sumitomo Bank 7,800,000 07/13/98
6
<PAGE>
GPU cont'd
- ----------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
07/07/98 Bank of New York 4,300,000 07/08/98
07/07/98 Chase Manhattan Bank 18,200,000 07/16/98
07/07/98 Morgan Guaranty Trust Co. 20,000,000 07/17/98
07/08/98 First Union National Bank 3,000,000 07/14/98
07/08/98 Sumitomo Bank 17,200,000 07/15/98
07/09/98 Banca Popolare di Milano 5,900,000 07/23/98
07/09/98 PNC Bank 4,500,000 07/14/98
07/09/98 Summit Bank 4,700,000 07/23/98
07/10/98 First Union National Bank 18,300,000 07/24/98
07/10/98 PNC Bank 2,700,000 07/15/98
07/13/98 Banca Popolare di Milano 12,000,000 07/20/98
07/13/98 Bank of New York 4,700,000 07/14/98
07/13/98 Sumitomo Bank 7,800,000 07/20/98
07/14/98 Banca Popolare di Milano 8,300,000 07/21/98
07/14/98 PNC Bank 12,300,000 07/21/98
07/15/98 First Union National Bank 7,700,000 07/23/98
07/15/98 Sumitomo Bank 12,200,000 07/22/98
07/16/98 Chase Manhattan Bank 10,200,000 07/30/98
07/16/98 Chase Manhattan Bank 8,000,000 07/22/98
07/17/98 PNC Bank 20,000,000 07/27/98
07/20/98 Banca Popolare di Milano 12,000,000 08/03/98
07/20/98 Morgan Guaranty Trust Co. 7,900,000 07/28/98
07/21/98 Banca Popolare di Milano 8,300,000 08/11/98
07/21/98 Chase Manhattan Bank 1,800,000 08/11/98
07/21/98 Sumitomo Bank 10,600,000 07/28/98
07/22/98 Banca Popolare di Milano 3,800,000 07/29/98
07/22/98 PNC Bank 11,700,000 07/29/98
07/22/98 Sumitomo Bank 4,600,000 07/29/98
07/23/98 CIBC 18,300,000 08/04/98
07/24/98 First Union National Bank 100,000 07/27/98
07/24/98 Sumitomo Bank 9,800,000 07/31/98
07/24/98 Summit Bank 8,400,000 07/31/98
07/27/98 First Union National Bank 10,000,000 07/30/98
07/27/98 First Union National Bank 9,900,000 08/05/98
07/28/98 Morgan Guaranty Trust Co. 18,500,000 08/06/98
07/29/98 Chase Manhattan Bank 8,000,000 08/07/98
07/29/98 First Union National Bank 6,100,000 08/07/98
07/29/98 Summit Bank 6,200,000 08/05/98
07/30/98 Banca Popolare di Milano 3,800,000 08/10/98
07/30/98 Chase Manhattan Bank 10,200,000 08/10/98
07/30/98 First Union National Bank 6,000,000 08/10/98
07/31/98 First Union National Bank 4,600,000 08/11/98
07/31/98 Summit Bank 13,800,000 08/12/98
08/03/98 Banca Popolare di Milano 11,300,000 08/13/98
08/03/98 Sumitomo Bank 1,000,000 08/07/98
08/04/98 Sumitomo Bank 18,400,000 08/14/98
08/05/98 First Union National Bank 4,300,000 08/13/98
08/05/98 Sumitomo Bank 5,600,000 08/12/98
08/05/98 Summit Bank 6,200,000 08/19/98
08/06/98 First Union National Bank 13,200,000 08/17/98
08/06/98 First Union National Bank 5,600,000 08/17/98
08/07/98 Chase Manhattan Bank 8,000,000 08/18/98
7
<PAGE>
GPU cont'd
- ----------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
08/07/98 PNC Bank 7,200,000 08/18/98
08/10/98 Banca Popolare di Milano 10,400,000 08/24/98
08/10/98 First Union National Bank 9,600,000 08/24/98
08/11/98 Banca Popolare di Milano 8,300,000 08/25/98
08/11/98 PNC Bank 5,400,000 08/18/98
08/11/98 Sumitomo Bank 1,000,000 08/18/98
08/12/98 Chase Manhattan Bank 12,000,000 08/19/98
08/12/98 First Union National Bank 5,200,000 08/20/98
08/12/98 Sumitomo Bank 2,300,000 08/20/98
08/13/98 PNC Bank 15,600,000 08/20/98
08/14/98 Banca Popolare di Milano 11,300,000 08/21/98
08/14/98 Summit Bank 7,400,000 08/21/98
08/17/98 First Union National Bank 11,200,000 08/25/98
08/17/98 Sumitomo Bank 1,000,000 08/21/98
08/17/98 Summit Bank 6,400,000 08/26/98
08/18/98 Chase Manhattan Bank 8,000,000 08/27/98
08/18/98 PNC Bank 13,600,000 08/26/98
08/19/98 PNC Bank 11,800,000 08/28/98
08/19/98 Summit Bank 6,200,000 08/27/98
08/20/98 Chase Manhattan Bank 12,000,000 08/31/98
08/20/98 Chase Manhattan Bank 6,200,000 08/31/98
08/20/98 First Union National Bank 5,200,000 08/31/98
08/21/98 Banca Popolare di Milano 6,700,000 08/26/98
08/21/98 Sumitomo Bank 13,000,000 08/26/98
08/24/98 Banca Popolare di Milano 15,000,000 08/26/98
08/24/98 First Union National Bank 5,200,000 08/26/98
08/25/98 Banca Popolare di Milano 8,300,000 08/26/98
08/25/98 Sumitomo Bank 10,400,000 08/26/98
08/26/98 First Union National Bank 13,900,000 09/02/98
08/26/98 Summit Bank 5,700,000 09/02/98
08/27/98 CIBC 6,500,000 09/01/98
08/27/98 Summit Bank 6,200,000 09/01/98
08/28/98 Chase Manhattan Bank 11,700,000 09/04/98
08/31/98 First Union National Bank 5,200,000 09/03/98
08/31/98 First Union National Bank 10,200,000 09/03/98
08/31/98 Summit Bank 8,100,000 09/03/98
09/01/98 Chase Manhattan Bank 11,700,000 09/08/98
09/01/98 Credit Agricole 1,000,000 09/08/98
09/01/98 Summit Bank 3,000,000 09/08/98
09/02/98 First Union National Bank 13,700,000 09/09/98
09/02/98 Summit Bank 5,900,000 09/09/98
09/03/98 Sumitomo Bank 23,500,000 09/10/98
09/04/98 Banca Popolare di Milano 11,700,000 09/11/98
09/08/98 Chase Manhattan Bank 12,000,000 09/14/98
09/08/98 Summit Bank 4,000,000 09/14/98
09/09/98 First Union National Bank 3,400,000 09/16/98
09/09/98 Summit Bank 16,000,000 09/16/98
09/10/98 Chase Manhattan Bank 8,000,000 09/17/98
09/10/98 Sumitomo Bank 15,500,000 09/17/98
09/11/98 Bank of New York 11,800,000 09/14/98
09/14/98 Bank of New York 15,800,000 09/15/98
09/14/98 Chase Manhattan Bank 12,000,000 09/21/98
8
<PAGE>
GPU cont'd
- ----------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
09/15/98 Banca Popolare di Milano 15,800,000 09/22/98
09/16/98 Fuji Bank 3,500,000 09/17/98
09/16/98 Summit Bank 16,000,000 09/23/98
09/17/98 Chase Manhattan Bank 8,000,000 10/01/98
09/17/98 Chase Manhattan Bank 2,800,000 09/21/98
09/17/98 Sumitomo Bank 16,200,000 09/18/98
09/18/98 Banca Popolare di Milano 14,200,000 09/25/98
09/18/98 Sumitomo Bank 2,000,000 09/21/98
09/21/98 Chase Manhattan Bank 12,000,000 09/24/98
09/21/98 First Union National Bank 4,100,000 09/24/98
09/22/98 Banca Popolare di Milano 15,100,000 10/06/98
09/22/98 Bank of New York 1,000,000 09/23/98
09/23/98 Credit Agricole 16,700,000 10/02/98
09/24/98 Chase Manhattan Bank 12,000,000 09/25/98
09/24/98 First Union National Bank 4,300,000 09/25/98
09/25/98 Banca Popolare di Milano 14,900,000 09/28/98
09/25/98 Chase Manhattan Bank 14,900,000 09/28/98
09/28/98 Banca Popolare di Milano 14,900,000 09/29/98
09/28/98 PNC Bank 14,900,000 10/13/98
09/29/98 PNC Bank 4,900,000 10/13/98
09/29/98 Sumitomo Bank 10,000,000 09/30/98
09/30/98 Bank of PA 10,500,000 10/01/98
JCP&L
- -----
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
07/01/98 Bank of New York 14,300,000 07/02/98
07/01/98 Chase Manhattan Bank 24,800,000 07/08/98
07/02/98 Sumitomo Bank 2,700,000 07/06/98
07/07/98 Morgan Guaranty Trust Co. 14,800,000 07/17/98
07/08/98 Banca Popolare di Milano 3,800,000 07/22/98
07/08/98 Summit Bank 15,300,000 07/22/98
07/15/98 Chase Manhattan Bank 20,000,000 07/29/98
07/15/98 Morgan Guaranty Trust Co. 13,500,000 07/27/98
07/21/98 Chase Manhattan Bank 15,500,000 07/30/98
07/22/98 Chase Manhattan Bank 14,500,000 08/05/98
07/23/98 Banca Popolare di Milano 5,900,000 08/10/98
07/23/98 Citibank 8,900,000 08/11/98
07/24/98 Morgan Guaranty Trust Co. 16,800,000 08/07/98
07/28/98 Morgan Guaranty Trust Co. 9,000,000 08/04/98
07/29/98 Chase Manhattan Bank 15,500,000 08/06/98
07/30/98 Chase Manhattan Bank 2,700,000 08/10/98
07/30/98 First Union National Bank 10,100,000 08/10/98
07/31/98 Chase Manhattan Bank 17,300,000 08/12/98
07/31/98 Merchants National Bank of Bangor 300,000 08/13/98
08/06/98 Chase Manhattan Bank 4,800,000 08/17/98
08/06/98 Chase Manhattan Bank 5,000,000 08/14/98
08/07/98 Morgan Guaranty Trust Co. 9,600,000 08/17/98
08/10/98 Chase Manhattan Bank 7,700,000 08/24/98
08/13/98 Chase Manhattan Bank 14,000,000 08/20/98
9
<PAGE>
JCP&L cont'd
- ------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
08/14/98 Citibank 12,800,000 08/21/98
08/17/98 Sumitomo Bank 8,700,000 08/21/98
08/17/98 Sumitomo Bank 12,000,000 08/24/98
08/21/98 Chase Manhattan Bank 19,600,000 08/25/98
08/25/98 First Union National Bank 6,900,000 08/28/98
08/26/98 Banca Popolare di Milano 30,000,000 09/04/98
08/26/98 Chase Manhattan Bank 31,200,000 09/03/98
08/26/98 Sumitomo Bank 17,500,000 08/28/98
08/26/98 Summit Bank 8,100,000 08/31/98
08/27/98 Chase Manhattan Bank 8,000,000 09/10/98
08/27/98 CIBC 13,500,000 09/02/98
08/27/98 First Union National Bank 14,000,000 09/03/98
08/28/98 First Union National Bank 6,900,000 09/11/98
08/28/98 First Union National Bank 5,700,000 09/11/98
08/28/98 Mellon Bank 11,500,000 09/11/98
09/01/98 Summit Bank 3,000,000 09/08/98
09/03/98 Chase Manhattan Bank 18,300,000 09/09/98
09/03/98 Morgan Guaranty Trust Co. 25,000,000 09/14/98
09/04/98 Banca Popolare di Milano 18,300,000 09/15/98
09/04/98 Chase Manhattan Bank 5,900,000 09/15/98
09/08/98 Chase Manhattan Bank 18,000,000 09/16/98
09/09/98 First Union National Bank 12,600,000 09/17/98
09/10/98 Morgan Guaranty Trust Co. 4,600,000 09/17/98
09/14/98 Morgan Guaranty Trust Co. 15,000,000 09/28/98
09/15/98 Banca Popolare di Milano 2,500,000 09/18/98
09/15/98 Chase Manhattan Bank 17,200,000 09/21/98
09/15/98 First Union National Bank 30,000,000 09/22/98
09/15/98 First Union National Bank 3,000,000 09/21/98
09/15/98 Summit Bank 4,000,000 09/18/98
09/17/98 Morgan Guaranty Trust Co. 7,600,000 09/24/98
09/21/98 Chase Manhattan Bank 11,400,000 09/29/98
09/21/98 First Union National Bank 21,900,000 09/24/98
09/22/98 Bank of New York 3,800,000 09/23/98
09/22/98 Chase Manhattan Bank 15,000,000 09/23/98
09/23/98 Bank of New York 1,000,000 09/24/98
09/25/98 Chase Manhattan Bank 8,600,000 09/28/98
09/25/98 Sumitomo Bank 25,000,000 09/28/98
09/28/98 Chase Manhattan Bank 12,000,000 10/09/98
09/28/98 First Union National Bank 26,000,000 10/05/98
09/28/98 PNC Bank 3,600,000 10/13/98
09/30/98 Chase Manhattan Bank 5,900,000 10/01/98
Met-Ed
- ------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
07/07/98 Morgan Guaranty Trust Co. 8,000,000 07/14/98
07/10/98 Morgan Guaranty Trust Co. 12,500,000 07/17/98
07/22/98 Sumitomo Bank 9,800,000 07/23/98
07/24/98 First Union National Bank 8,700,000 07/27/98
07/28/98 Morgan Guaranty Trust Co. 20,400,000 08/04/98
10
<PAGE>
Met-Ed cont'd
- -------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
07/31/98 Morgan Guaranty Trust Co. 8,900,000 08/07/98
08/04/98 Morgan Guaranty Trust Co. 18,700,000 08/18/98
08/07/98 Morgan Guaranty Trust Co. 6,700,000 08/14/98
08/19/98 Morgan Guaranty Trust Co. 13,200,000 08/26/98
08/20/98 First Union National Bank 200,000 08/27/98
08/20/98 Morgan Guaranty Trust Co. 16,700,000 08/27/98
08/26/98 Merchants National Bank of Bangor 1,000,000 09/10/98
08/31/98 Chase Manhattan Bank 7,400,000 09/08/98
09/03/98 Morgan Guaranty Trust Co. 18,100,000 09/10/98
09/10/98 Morgan Guaranty Trust Co. 18,600,000 09/17/98
09/11/98 Bank of New York 10,000,000 09/14/98
09/11/98 First Union National Bank 7,000,000 09/18/98
09/14/98 Chase Manhattan Bank 7,800,000 09/28/98
09/15/98 Union Bank of Switzerland 11,400,000 09/22/98
09/17/98 Morgan Guaranty Trust Co. 17,400,000 09/24/98
09/18/98 First Union National Bank 5,600,000 09/21/98
09/18/98 Mellon Bank 3,800,000 09/25/98
09/21/98 Chase Manhattan Bank 18,400,000 09/25/98
09/22/98 Bank of New York 13,100,000 09/23/98
09/23/98 Chase Manhattan Bank 7,200,000 09/30/98
09/23/98 Summit Bank 20,000,000 10/02/98
09/24/98 First Union National Bank 6,100,000 09/25/98
09/24/98 Sumitomo Bank 10,600,000 09/25/98
09/28/98 Chase Manhattan Bank 20,000,000 09/29/98
09/28/98 PNC Bank 26,200,000 10/13/98
09/29/98 PNC Bank 21,200,000 10/06/98
09/30/98 Morgan Guaranty Trust Co. 5,000,000 10/07/98
09/30/98 PNC Bank 3,800,000 10/07/98
Penelec
- -------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
07/07/98 Morgan Guaranty Trust Co. 20,000,000 07/15/98
07/10/98 Morgan Guaranty Trust Co. 19,300,000 07/17/98
07/15/98 Morgan Guaranty Trust Co. 20,700,000 07/22/98
07/20/98 Morgan Guaranty Trust Co. 10,000,000 07/31/98
07/22/98 Chase Manhattan Bank 8,000,000 07/29/98
07/22/98 Morgan Guaranty Trust Co. 12,400,000 07/29/98
07/28/98 Morgan Guaranty Trust Co. 20,500,000 08/05/98
07/30/98 Chase Manhattan Bank 4,900,000 08/03/98
07/30/98 Chase Manhattan Bank 8,000,000 08/03/98
07/31/98 Morgan Guaranty Trust Co. 20,800,000 08/10/98
08/10/98 First Union National Bank 1,300,000 08/17/98
08/14/98 Chase Manhattan Bank 12,600,000 08/28/98
08/19/98 Morgan Guaranty Trust Co. 12,000,000 08/26/98
08/20/98 Morgan Guaranty Trust Co. 16,700,000 08/27/98
08/31/98 Chase Manhattan Bank 5,400,000 09/08/98
09/03/98 Morgan Guaranty Trust Co. 12,100,000 09/08/98
09/03/98 Morgan Guaranty Trust Co. 7,000,000 09/11/98
09/10/98 Morgan Guaranty Trust Co. 16,300,000 09/17/98
11
<PAGE>
Penelec cont'd
- --------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
09/11/98 Banca Popolare di Milano 11,700,000 09/18/98
09/11/98 Sumitomo Bank 8,800,000 09/18/98
09/14/98 Morgan Guaranty Trust Co. 15,400,000 09/28/98
09/15/98 Chase Manhattan Bank 15,000,000 09/22/98
09/15/98 PNC Bank 15,400,000 09/21/98
09/17/98 Morgan Guaranty Trust Co. 13,000,000 09/24/98
09/18/98 Mellon Bank 16,200,000 09/25/98
09/21/98 Chase Manhattan Bank 1,000,000 09/24/98
09/22/98 Bank of New York 14,100,000 09/23/98
09/22/98 Sumitomo Bank 2,500,000 09/23/98
09/23/98 Chase Manhattan Bank 3,800,000 09/24/98
09/23/98 First Union National Bank 30,000,000 10/05/98
09/24/98 Sumitomo Bank 14,400,000 09/25/98
09/28/98 Morgan Guaranty Trust Co. 21,800,000 10/06/98
09/28/98 Sumitomo Bank 25,000,000 09/29/98
09/29/98 Banca Popolare di Milano 14,900,000 10/13/98
09/29/98 Sumitomo Bank 12,700,000 09/30/98
09/30/98 Chase Manhattan Bank 7,900,000 10/01/98
09/30/98 Morgan Guaranty Trust Co. 5,000,000 10/07/98
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 July 1, 1998 through September 30, 1998, the
Companies repaid unsecured promissory notes issued to banks, as follows:
12
<PAGE>
GPU
- ---
Date Bank Amount
- ---- ---- ------
07/02/98 Banca Popolare di Milano 12,000,000
07/02/98 Chase Manhattan Bank 18,200,000
07/02/98 Merchants National Bank of Bangor 100,000
07/02/98 Merchants National Bank of Bangor 500,000
07/06/98 First Union National Bank 9,800,000
07/06/98 Sumitomo Bank 7,300,000
07/07/98 Bank of New York 2,400,000
07/07/98 PNC Bank 25,800,000
07/07/98 Sumitomo Bank 15,000,000
07/08/98 Bank of New York 4,300,000
07/08/98 First Union National Bank 14,900,000
07/08/98 PNC Bank 1,000,000
07/09/98 PNC Bank 15,000,000
07/10/98 PNC Bank 21,000,000
07/13/98 Banca Popolare di Milano 12,000,000
07/13/98 First Union National Bank 4,700,000
07/13/98 Sumitomo Bank 7,800,000
07/14/98 Banca Popolare di Milano 8,300,000
07/14/98 Bank of New York 4,700,000
07/14/98 First Union National Bank 3,000,000
07/14/98 PNC Bank 4,500,000
07/15/98 PNC Bank 2,700,000
07/15/98 Sumitomo Bank 17,200,000
07/16/98 Chase Manhattan Bank 18,200,000
07/17/98 Morgan Guaranty Trust Co. Trust 20,000,000
07/20/98 Banca Popolare di Milano 12,000,000
07/20/98 Sumitomo Bank 7,800,000
07/21/98 Banca Popolare di Milano 8,300,000
07/21/98 PNC Bank 12,300,000
07/22/98 Chase Manhattan Bank 8,000,000
07/22/98 Sumitomo Bank 12,200,000
07/23/98 Banca Popolare di Milano 5,900,000
07/23/98 First Union National Bank 7,700,000
07/23/98 Summit Bank 4,700,000
07/24/98 First Union National Bank 18,300,000
07/27/98 First Union National Bank 100,000
07/27/98 PNC Bank 20,000,000
07/28/98 Morgan Guaranty Trust Co. Trust 7,900,000
07/28/98 Sumitomo Bank 10,600,000
07/29/98 Banca Popolare di Milano 3,800,000
07/29/98 PNC Bank 11,700,000
07/29/98 Sumitomo Bank 4,600,000
07/30/98 Chase Manhattan Bank 10,200,000
07/30/98 First Union National Bank 10,000,000
07/31/98 Sumitomo Bank 9,800,000
07/31/98 Summit Bank 8,400,000
08/03/98 Banca Popolare di Milano 12,000,000
08/04/98 CIBC 18,300,000
08/05/98 First Union National Bank 9,900,000
08/05/98 Summit Bank 6,200,000
08/06/98 Morgan Guaranty Trust Co. 18,500,000
08/07/98 Chase Manhattan Bank 8,000,000
08/07/98 First Union National Bank 6,100,000
08/07/98 Sumitomo Bank 1,000,000
13
<PAGE>
GPU
- ---
Date Bank Amount
- ---- ---- ------
08/10/98 Banca Popolare di Milano 3,800,000
08/10/98 Chase Manhattan Bank 10,200,000
08/10/98 First Union National Bank 6,000,000
08/11/98 Banca Popolare di Milano 8,300,000
08/11/98 Chase Manhattan Bank 1,800,000
08/11/98 First Union National Bank 4,600,000
08/12/98 Sumitomo Bank 5,600,000
08/12/98 Summit Bank 13,800,000
08/13/98 Banca Popolare di Milano 11,300,000
08/13/98 First Union National Bank 4,300,000
08/14/98 Sumitomo Bank 18,400,000
08/17/98 First Union National Bank 13,200,000
08/17/98 First Union National Bank 5,600,000
08/18/98 Chase Manhattan Bank 8,000,000
08/18/98 PNC Bank 7,200,000
08/18/98 PNC Bank 5,400,000
08/18/98 Sumitomo Bank 1,000,000
08/19/98 Chase Manhattan Bank 12,000,000
08/19/98 Summit Bank 6,200,000
08/20/98 First Union National Bank 5,200,000
08/20/98 PNC Bank 15,600,000
08/20/98 Sumitomo Bank 2,300,000
08/21/98 Banca Popolare di Milano 11,300,000
08/21/98 Sumitomo Bank 1,000,000
08/21/98 Summit Bank 7,400,000
08/24/98 Banca Popolare di Milano 10,400,000
08/24/98 First Union National Bank 9,600,000
08/25/98 Banca Popolare di Milano 8,300,000
08/25/98 First Union National Bank 11,200,000
08/26/98 Banca Popolare di Milano 15,000,000
08/26/98 Banca Popolare di Milano 8,300,000
08/26/98 Banca Popolare di Milano 6,700,000
08/26/98 First Union National Bank 5,200,000
08/26/98 PNC Bank 13,600,000
08/26/98 Sumitomo Bank 10,400,000
08/26/98 Sumitomo Bank 13,000,000
08/26/98 Summit Bank 6,400,000
08/27/98 Chase Manhattan Bank 8,000,000
08/27/98 Summit Bank 6,200,000
08/28/98 PNC Bank 11,800,000
08/31/98 Chase Manhattan Bank 12,000,000
08/31/98 Chase Manhattan Bank 6,200,000
08/31/98 First Union National Bank 5,200,000
09/01/98 CIBC 6,500,000
09/01/98 Summit Bank 6,200,000
09/02/98 First Union National Bank 13,900,000
09/02/98 Summit Bank 5,700,000
09/03/98 First Union National Bank 5,200,000
09/03/98 First Union National Bank 10,200,000
09/03/98 Summit Bank 8,100,000
09/04/98 Chase Manhattan Bank 11,700,000
09/08/98 Chase Manhattan Bank 11,700,000
09/08/98 Credit Agricole 1,000,000
14
<PAGE>
GPU
- ---
Date Bank Amount
- ---- ---- ------
09/08/98 Summit Bank 3,000,000
09/09/98 First Union National Bank 13,700,000
09/09/98 Summit Bank 5,900,000
09/10/98 Sumitomo Bank 23,500,000
09/11/98 Banca Popolare di Milano 11,700,000
09/14/98 Bank of New York 11,800,000
09/14/98 Chase Manhattan Bank 12,000,000
09/14/98 Summit Bank 4,000,000
09/15/98 Bank of New York 15,800,000
09/16/98 First Union National Bank 3,400,000
09/16/98 Summit Bank 16,000,000
09/17/98 Chase Manhattan Bank 8,000,000
09/17/98 Fuji Bank 3,500,000
09/17/98 Sumitomo Bank 15,500,000
09/18/98 Sumitomo Bank 16,200,000
09/21/98 Chase Manhattan Bank 12,000,000
09/21/98 Chase Manhattan Bank 2,800,000
09/21/98 Sumitomo Bank 2,000,000
09/22/98 Banca Popolare di Milano 15,800,000
09/23/98 Bank of New York 1,000,000
09/23/98 Summit Bank 16,000,000
09/24/98 Chase Manhattan Bank 12,000,000
09/24/98 First Union National Bank 4,100,000
09/25/98 Banca Popolare di Milano 14,200,000
09/25/98 Chase Manhattan Bank 12,000,000
09/25/98 First Union National Bank 4,300,000
09/28/98 Banca Popolare di Milano 14,900,000
09/28/98 Chase Manhattan Bank 14,900,000
09/29/98 Banca Popolare di Milano 14,900,000
09/30/98 Sumitomo Bank 10,000,000
JCP&L
- -----
Date Bank Amount
---- ---- ------
07/01/98 CIBC 20,000,000
07/01/98 Citibank 10,300,000
07/02/98 Bank of New York 14,300,000
07/02/98 Union Bank of Switzerland 10,000,000
07/06/98 Bank of PA 12,600,000
07/06/98 Sumitomo Bank 2,700,000
07/07/98 Citibank 4,700,000
07/07/98 Union Bank of Switzerland 10,900,000
07/08/98 Chase Manhattan Bank 24,800,000
07/08/98 First Union National Bank 6,400,000
07/09/98 Chase Manhattan Bank 26,600,000
07/10/98 Morgan Guaranty Trust Co. 23,100,000
07/13/98 Chase Manhattan Bank 1,800,000
07/17/98 Morgan Guaranty Trust Co. 14,800,000
07/22/98 Banca Popolare di Milano 3,800,000
07/22/98 Summit Bank 15,300,000
07/27/98 Morgan Guaranty Trust Co. 13,500,000
07/29/98 Chase Manhattan Bank 20,000,000
15
<PAGE>
JCP&L
- -----
Date Bank Amount
---- ---- ------
07/30/98 Chase Manhattan Bank 15,500,000
08/04/98 Morgan Guaranty Trust Co. 9,000,000
08/05/98 Chase Manhattan Bank 14,500,000
08/06/98 Chase Manhattan Bank 15,500,000
08/07/98 Morgan Guaranty Trust Co. 16,800,000
08/10/98 Banca Popolare di Milano 5,900,000
08/10/98 Chase Manhattan Bank 2,700,000
08/10/98 First Union National Bank 10,100,000
08/11/98 Citibank 8,900,000
08/12/98 Chase Manhattan Bank 17,300,000
08/13/98 Merchants National Bank of Bangor 300,000
08/14/98 Chase Manhattan Bank 5,000,000
08/17/98 Chase Manhattan Bank 4,800,000
08/17/98 Morgan Guaranty Trust Co. 9,600,000
08/20/98 Chase Manhattan Bank 14,000,000
08/21/98 Citibank 12,800,000
08/21/98 Sumitomo Bank 8,700,000
08/24/98 Chase Manhattan Bank 7,700,000
08/24/98 Sumitomo Bank 12,000,000
08/25/98 Chase Manhattan Bank 19,600,000
08/28/98 First Union National Bank 6,900,000
08/28/98 Sumitomo Bank 17,500,000
08/31/98 Summit Bank 8,100,000
09/02/98 CIBC 13,500,000
09/03/98 Chase Manhattan Bank 31,200,000
09/03/98 First Union National Bank 14,000,000
09/04/98 Banca Popolare di Milano 30,000,000
09/08/98 Summit Bank 3,000,000
09/09/98 Chase Manhattan Bank 18,300,000
09/10/98 Chase Manhattan Bank 8,000,000
09/11/98 First Union National Bank 6,900,000
09/11/98 First Union National Bank 5,700,000
09/11/98 Mellon Bank 11,500,000
09/14/98 Morgan Guaranty Trust Co. 25,000,000
09/15/98 Banca Popolare di Milano 18,300,000
09/15/98 Chase Manhattan Bank 5,900,000
09/16/98 Chase Manhattan Bank 18,000,000
09/17/98 First Union National Bank 12,600,000
09/17/98 Morgan Guaranty Trust Co. 4,600,000
09/18/98 Banca Popolare di Milano 2,500,000
09/18/98 Summit Bank 4,000,000
09/21/98 Chase Manhattan Bank 17,200,000
09/21/98 First Union National Bank 3,000,000
09/22/98 First Union National Bank 30,000,000
09/23/98 Bank of New York 3,800,000
09/23/98 Chase Manhattan Bank 15,000,000
09/24/98 Bank of New York 1,000,000
09/24/98 First Union National Bank 21,900,000
09/24/98 Morgan Guaranty Trust Co. 7,600,000
09/28/98 Chase Manhattan Bank 8,600,000
09/28/98 Morgan Guaranty Trust Co. 15,000,000
09/28/98 Sumitomo Bank 25,000,000
09/29/98 Chase Manhattan Bank 11,400,000
16
<PAGE>
Met-Ed
- ------
Date Bank Amount
---- ---- ------
07/06/98 Banca Popolare di Milano 8,300,000
07/07/98 Banca Popolare di Milano 3,900,000
07/08/98 PNC Bank 9,200,000
07/09/98 Summit Bank 4,700,000
07/10/98 Morgan Guaranty Trust Co. 5,000,000
07/14/98 Morgan Guaranty Trust Co. 8,000,000
07/17/98 Morgan Guaranty Trust Co. 12,500,000
07/23/98 Sumitomo Bank 9,800,000
07/27/98 First Union National Bank 8,700,000
08/04/98 Morgan Guaranty Trust Co. 20,400,000
08/07/98 Morgan Guaranty Trust Co. 8,900,000
08/14/98 Morgan Guaranty Trust Co. 6,700,000
08/18/98 Morgan Guaranty Trust Co. 18,700,000
08/26/98 Morgan Guaranty Trust Co. 13,200,000
08/27/98 First Union National Bank 200,000
08/27/98 Morgan Guaranty Trust Co. 16,700,000
09/08/98 Chase Manhattan Bank Bank 7,400,000
09/10/98 Merchants National Bank of Bangor 1,000,000
09/10/98 Morgan Guaranty Trust Co. 18,100,000
09/14/98 Bank of New York 10,000,000
09/17/98 Morgan Guaranty Trust Co. 18,600,000
09/18/98 First Union National Bank 7,000,000
09/21/98 First Union National Bank 5,600,000
09/22/98 Union Bank of Switzerland 11,400,000
09/23/98 Bank of New York 13,100,000
09/24/98 Morgan Guaranty Trust Co. 17,400,000
09/25/98 Chase Manhattan Bank Bank 18,400,000
09/25/98 First Union National Bank 6,100,000
09/25/98 Mellon Bank 3,800,000
09/25/98 Sumitomo Bank 10,600,000
09/28/98 Chase Manhattan Bank Bank 7,800,000
09/29/98 Chase Manhattan Bank Bank 20,000,000
09/30/98 Chase Manhattan Bank Bank 7,200,000
Penelec
- -------
Date Bank Amount
---- ---- ------
07/02/98 First Union National Bank 20,200,000
07/02/98 First Union National Bank 4,700,000
07/09/98 Banca Popolare di Milano 5,800,000
07/10/98 Morgan Guaranty Trust Co. 20,800,000
07/13/98 Union Bank of Switzerland 4,100,000
07/15/98 Morgan Guaranty Trust Co. 20,000,000
07/17/98 Morgan Guaranty Trust Co. 19,300,000
07/22/98 Morgan Guaranty Trust Co. 20,700,000
07/29/98 Chase Manhattan Bank 8,000,000
07/29/98 Morgan Guaranty Trust Co. 12,400,000
07/31/98 Morgan Guaranty Trust Co. 10,000,000
08/03/98 Chase Manhattan Bank 4,900,000
08/03/98 Chase Manhattan Bank 8,000,000
08/05/98 Morgan Guaranty Trust Co. 20,500,000
08/10/98 Morgan Guaranty Trust Co. 20,800,000
17
<PAGE>
Penelec
- -------
Date Bank Amount
---- ---- ------
08/17/98 First Union National Bank 1,300,000
08/26/98 Morgan Guaranty Trust Co. 12,000,000
08/27/98 Morgan Guaranty Trust Co. 16,700,000
08/28/98 Chase Manhattan Bank 12,600,000
09/08/98 Chase Manhattan Bank 5,400,000
09/08/98 Morgan Guaranty Trust Co. 12,100,000
09/11/98 Morgan Guaranty Trust Co. 7,000,000
09/17/98 Morgan Guaranty Trust Co. 16,300,000
09/18/98 Banca Popolare di Milano 11,700,000
09/18/98 Sumitomo Bank 8,800,000
09/21/98 PNC Bank 15,400,000
09/22/98 Chase Manhattan Bank 15,000,000
09/23/98 Bank of New York 14,100,000
09/23/98 Sumitomo Bank 2,500,000
09/24/98 Chase Manhattan Bank 1,000,000
09/24/98 Chase Manhattan Bank 3,800,000
09/24/98 Morgan Guaranty Trust Co. 13,000,000
09/25/98 Mellon Bank 16,200,000
09/25/98 Sumitomo Bank 14,400,000
09/28/98 Morgan Guaranty Trust Co. 15,400,000
09/29/98 Sumitomo Bank 25,000,000
09/30/98 Sumitomo Bank 12,700,000
To summarize the above transactions, at September 30, 1998 the GPU
Companies had outstanding unsecured promissory notes pursuant to informal bank
lines of credit as follows:
GPU $70,100,000
JCP&L 47,500,000
Met-Ed 76,200,000
Penelec 79,600,000
18
<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: October 8, 1998
