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 October 1, 1997 through December 31,
1997, the GPU Companies issued no promissory notes representing
borrowings under the Amended and Restated Credit Agreement, dated
1
<PAGE>
as of July 3, 1996, as amended 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 September 30, 1997, 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 41,200,000
Penelec 50,300,000
3. During the period October 1,1997 through December
31, 1997, JCP&L, Met-Ed, and Penelec issued and sold (and paid at maturity where
such commercial paper matured on or before December 31, 1997) unsecured
short-term promissory notes as commercial paper as follows:
JCP&L
- -----
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
10/02/97 10/09/97 $14,400,000
10/06/97 10/09/97 9,300,000
10/09/97 10/16/97 17,400,000
10/10/97 10/17/97 18,800,000
10/14/97 10/21/97 15,900,000
10/20/97 10/27/97 21,200,000
10/30/97 11/12/97 8,400,000
10/31/97 11/14/97 40,900,000
11/13/97 11/20/97 9,100,000
11/14/97 11/19/97 20,000,000
11/14/97 11/21/97 19,900,000
12/02/97 12/09/97 12,500,000
12/31/97 01/14/98 19,500,000
2
<PAGE>
Met-Ed
- ------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
10/01/97 10/02/97 $12,200,000
10/02/97 10/09/97 11,400,000
10/06/97 10/07/97 30,300,000
10/07/97 10/08/97 10,000,000
10/07/97 10/14/97 17,400,000
10/08/97 10/15/97 23,300,000
10/09/97 10/16/97 11,500,000
10/10/97 10/17/97 12,900,000
10/14/97 10/21/97 13,400,000
10/15/97 10/22/97 6,300,000
10/17/97 10/24/97 13,300,000
10/20/97 10/27/97 7,600,000
10/21/97 10/28/97 10,300,000
10/23/97 10/30/97 7,800,000
10/24/97 10/31/97 8,900,000
10/27/97 11/03/97 9,500,000
10/29/97 11/05/97 6,400,000
10/30/97 11/13/97 6,200,000
10/31/97 11/14/97 20,400,000
11/03/97 11/10/97 15,400,000
11/07/97 11/12/97 5,500,000
11/10/97 11/17/97 11,700,000
11/13/97 11/20/97 3,700,000
11/14/97 11/19/97 14,400,000
11/19/97 11/24/97 16,200,000
11/20/97 11/21/97 4,900,000
11/20/97 11/28/97 5,000,000
11/24/97 12/01/97 8,600,000
11/24/97 12/08/97 8,000,000
11/25/97 12/02/97 16,500,000
11/26/97 12/10/97 14,000,000
11/26/97 12/12/97 15,500,000
12/01/97 12/08/97 8,000,000
12/03/97 12/04/97 8,500,000
12/04/97 12/05/97 12,900,000
12/05/97 12/11/97 13,400,000
12/08/97 12/15/97 11,200,000
12/09/97 12/16/97 17,200,000
12/10/97 12/17/97 16,200,000
12/11/97 12/18/97 3,000,000
12/12/97 12/19/97 3,700,000
12/15/97 12/23/97 21,100,000
12/16/97 12/30/97 13,000,000
12/18/97 12/31/97 10,500,000
12/22/97 12/29/97 9,800,000
12/23/97 12/30/97 16,900,000
12/31/97 01/07/98 18,500,000
3
<PAGE>
Penelec
- -------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
10/01/97 10/08/97 $ 6,800,000
10/02/97 10/09/97 14,600,000
10/06/97 10/07/97 31,700,000
10/07/97 10/08/97 10,000,000
10/08/97 10/15/97 14,000,000
10/09/97 10/16/97 21,800,000
10/10/97 10/17/97 12,300,000
10/14/97 10/21/97 14,200,000
10/15/97 10/22/97 6,500,000
10/16/97 10/23/97 19,300,000
10/17/97 10/24/97 11,000,000
10/20/97 10/27/97 13,500,000
10/21/97 10/28/97 12,700,000
10/23/97 10/30/97 16,900,000
10/24/97 10/31/97 9,200,000
10/27/97 11/03/97 13,700,000
10/28/97 11/04/97 10,000,000
10/29/97 11/05/97 14,700,000
10/30/97 11/13/97 14,600,000
10/31/97 11/14/97 21,100,000
11/04/97 11/12/97 8,100,000
11/07/97 11/12/97 8,800,000
11/10/97 11/17/97 13,300,000
11/12/97 11/19/97 24,800,000
11/13/97 11/20/97 11,700,000
11/14/97 11/21/97 21,300,000
11/19/97 11/24/97 9,100,000
11/20/97 11/28/97 8,300,000
11/21/97 11/25/97 11,000,000
11/21/97 11/28/97 10,500,000
11/24/97 12/01/97 10,300,000
11/24/97 12/08/97 10,000,000
11/25/97 12/02/97 16,000,000
11/26/97 12/10/97 19,100,000
11/28/97 12/09/97 1,500,000
11/28/97 12/12/97 11,000,000
12/01/97 12/08/97 11,300,000
12/02/97 12/03/97 10,000,000
12/02/97 12/09/97 7,500,000
12/03/97 12/04/97 9,700,000
12/04/97 12/05/97 4,600,000
12/05/97 12/11/97 15,500,000
12/08/97 12/15/97 17,500,000
12/09/97 12/16/97 19,700,000
12/10/97 12/17/97 17,300,000
12/11/97 12/18/97 14,200,000
12/12/97 12/19/97 13,600,000
12/15/97 12/23/97 18,400,000
12/16/97 12/30/97 15,700,000
12/18/97 12/31/97 2,200,000
12/19/97 12/26/97 11,600,000
4
<PAGE>
Penelec continued-
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
12/22/97 12/29/97 $10,700,000
12/23/97 12/29/97 7,600,000
12/23/97 12/30/97 7,000,000
12/31/97 01/07/98 16,800,000
To summarize the above transactions, at 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
4. At the close of business on September 30, 1997, the GPU Companies
had outstanding unsecured short-term promissory notes representing bank
borrowings under informal bank lines, as follows:
Company Amount
------- ------
GPU $ 79,300,000
JCP&L 106,800,000
Met-Ed 23,900,000
Penelec 33,300,000
During the period October 1, 1997 through December 31, 1997, the GPU
Companies issued unsecured promissory notes representing bank borrowings under
informal bank lines of credit as follows:
5
<PAGE>
GPU
- ---
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/01/97 Bank of New York $16,900,000 10/02/97
10/01/97 Chase Manhattan Bank 5,900,000 10/07/97
10/01/97 Summit Bank 12,300,000 10/08/97
10/02/97 Banca Popolare di Milano 7,900,000 10/09/97
10/02/97 Union Bank of Switzerland 9,000,000 10/09/97
10/03/97 Summit Bank 7,700,000 10/10/97
10/06/97 Bank of New York 14,100,000 10/07/97
10/07/97 Chase Manhattan Bank 20,000,000 10/20/97
10/08/97 Summit Bank 12,300,000 10/15/97
10/09/97 Banca Popolare di Milano 7,900,000 10/16/97
10/09/97 Fuji Bank 9,000,000 10/16/97
10/10/97 Merchants National Bank of Bangor 700,000 10/24/97
10/10/97 Summit Bank 7,700,000 10/17/97
10/14/97 Banca Popolare di Milano 18,600,000 10/21/97
10/14/97 Bank of New York 2,000,000 10/15/97
10/15/97 Bank of New York 2,000,000 10/16/97
10/15/97 Summit Bank 12,300,000 10/22/97
10/16/97 First Union National Bank 19,000,000 10/23/97
10/17/97 Summit Bank 7,700,000 10/24/97
10/20/97 Chase Manhattan Bank 20,000,000 10/27/97
10/21/97 Banca Popolare di Milano 18,700,000 10/28/97
10/22/97 Summit Bank 12,300,000 10/29/97
10/23/97 First Union National Bank 19,000,000 10/30/97
10/24/97 Bank of New York 8,400,000 10/27/97
10/27/97 Banca Popolare di Milano 11,300,000 11/03/97
10/27/97 Chase Manhattan Bank 10,000,000 11/03/97
10/27/97 Summit Bank 7,700,000 11/03/97
10/28/97 Banca Popolare di Milano 18,700,000 11/04/97
10/28/97 Merchants National Bank of Bangor 100,000 11/12/97
10/29/97 Summit Bank 12,300,000 11/05/97
10/30/97 Fuji Bank 19,000,000 11/06/97
11/03/97 CoreStates Bank 9,000,000 11/10/97
11/03/97 Morgan Guaranty Trust 20,000,000 11/24/97
11/04/97 Banca Popolare di Milano 18,900,000 11/12/97
11/05/97 Chase Manhattan Bank 20,000,000 11/18/97
11/05/97 First Union National Bank 22,200,000 11/12/97
11/05/97 Summit Bank 20,000,000 11/19/97
11/06/97 Bank of New York 19,000,000 11/07/97
11/07/97 Fuji Bank 19,000,000 11/14/97
11/10/97 Banca Popolare di Milano 9,100,000 11/17/97
11/12/97 Banca Popolare di Milano 20,900,000 11/26/97
11/12/97 First Union National Bank 20,300,000 11/26/97
1/14/97 Bank of New York 1,400,000 11/17/97
11/14/97 Fuji Bank 20,000,000 11/21/97
11/17/97 Credit Agricole 10,500,000 11/26/97
11/18/97 Bank of New York 1,100,000 11/19/97
11/18/97 Chase Manhattan Bank 19,000,000 11/25/97
11/19/97 Banca Popolare di Milano 9,100,000 11/26/97
11/19/97 Summit Bank 12,000,000 11/26/97
11/20/97 Credit Agricole 4,600,000 11/28/97
6
<PAGE>
GPU continued-
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
11/21/97 Bank of New York 1,100,000 11/24/97
11/21/97 Fuji Bank 19,000,000 11/28/97
11/24/97 CoreStates Bank 5,100,000 11/26/97
11/24/97 Johnstown Bank & Trust 8,000,000 12/01/97
11/24/97 Summit Bank 8,000,000 12/01/97
11/25/97 Credit Agricole 19,000,000 12/02/97
11/26/97 Banca Popolare di Milano 21,500,000 12/10/97
11/26/97 Summit Bank 12,000,000 12/17/97
11/28/97 Chase Manhattan Bank 22,300,000 12/12/97
12/01/97 Johnstown Bank & Trust 8,000,000 12/08/97
12/01/97 Summit Bank 8,000,000 12/08/97
12/02/97 Bank of New York 9,100,000 12/09/97
12/02/97 Bank of New York 10,000,000 12/03/97
12/03/97 Bank of New York 10,000,000 12/04/97
12/04/97 Bank of New York 10,000,000 12/05/97
12/05/97 Sumitomo Bank 10,000,000 12/11/97
12/08/97 Fuji Bank 8,000,000 12/15/97
12/08/97 Summit Bank 8,000,000 12/15/97
2/09/97 Fuji Bank 3,000,000 12/16/97
12/09/97 Sumitomo Bank 6,200,000 12/16/97
12/10/97 Banca Popolare di Milano 11,500,000 12/16/97
12/10/97 Banca Popolare di Milano 10,000,000 12/11/97
12/11/97 Banca Popolare di Milano 18,500,000 12/18/97
12/11/97 Sumitomo Bank 1,600,000 12/18/97
12/12/97 First Union National Bank 22,300,000 12/19/97
12/15/97 Summit Bank 8,000,000 12/29/97
12/15/97 Swiss Bank Corp. 9,200,000 12/22/97
12/16/97 Banca Popolare di Milano 11,500,000 12/23/97
12/16/97 Sumitomo Bank 8,700,000 12/23/97
12/17/97 Summit Bank 12,000,000 12/24/97
12/18/97 Banca Popolare di Milano 9,700,000 12/22/97
12/18/97 Sumitomo Bank 10,000,000 12/31/97
12/19/97 First Union National Bank 22,300,000 12/26/97
12/22/97 Banca Popolare di Milano 15,000,000 12/29/97
12/22/97 Bank of New York 3,900,000 12/23/97
12/23/97 Fuji Bank 9,100,000 12/30/97
12/23/97 Sumitomo Bank 15,000,000 12/30/97
12/24/97 Credit Agricole 6,100,000 12/26/97
12/24/97 Credit Agricole 6,000,000 12/29/97
12/26/97 Banca Popolare di Milano 11,000,000 03/26/98
12/26/97 First Union National Bank 17,400,000 01/02/98
12/29/97 Banca Popolare di Milano 19,000,000 01/12/98
12/29/97 CIBC 10,000,000 01/05/98
12/30/97 Bank of New York 17,000,000 01/08/98
12/30/97 PNC Bank 7,200,000 01/09/98
12/31/97 PNC Bank 10,000,000 01/07/98
7
<PAGE>
JCP&L
- -----
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/01/97 Bank of New York $ 1,700,000 10/02/97
10/03/97 Chase Manhattan Bank 7,400,000 10/07/97
10/03/97 Chase Manhattan Bank 7,300,000 10/06/97
10/06/97 Chase Manhattan Bank 20,000,000 10/07/97
10/07/97 Citibank 15,000,000 10/20/97
10/07/97 Morgan Guaranty Trust 8,400,000 10/20/97
10/08/97 Mellon Bank 18,400,000 10/15/97
10/15/97 Sumitomo Bank 24,400,000 10/22/97
10/16/97 Morgan Guaranty Trust 11,600,000 10/23/97
10/17/97 Mellon Bank 13,600,000 10/24/97
10/21/97 Citibank 11,100,000 10/28/97
10/22/97 Morgan Guaranty Trust 13,000,000 11/12/97
10/22/97 Sumitomo Bank 9,900,000 10/29/97
10/23/97 Chase Manhattan Bank 1,200,000 10/30/97
10/23/97 First Union National Bank 7,000,000 10/30/97
10/24/97 Chase Manhattan Bank 11,000,000 10/31/97
10/27/97 Chase Manhattan Bank 8,800,000 11/03/97
10/28/97 Chase Manhattan Bank 7,200,000 11/04/97
10/29/97 Chase Manhattan Bank 5,900,000 11/05/97
11/03/97 Chase Manhattan Bank 30,400,000 11/10/97
11/04/97 Banca Popolare di Milano 1,700,000 11/05/97
11/05/97 Bank of New York 5,200,000 11/06/97
11/06/97 Bank of New York 4,300,000 11/07/97
11/10/97 CoreStates Bank 5,900,000 11/18/97
11/10/97 Mellon Bank 15,000,000 11/17/97
11/12/97 Bank of New York 15,800,000 11/13/97
11/17/97 Bank of New York 4,600,000 11/18/97
11/18/97 Chase Manhattan Bank 7,800,000 11/25/97
11/19/97 Sumitomo Bank 9,200,000 11/24/97
11/19/97 Summit Bank 8,000,000 11/24/97
11/20/97 Mellon Bank 14,400,000 11/28/97
1/21/97 Chase Manhattan Bank 12,600,000 12/05/97
1/24/97 Bank of New York 4,600,000 11/25/97
11/25/97 Bank of New York 1,900,000 11/26/97
11/25/97 Citibank 14,000,000 12/02/97
11/26/97 Chase Manhattan Bank 20,000,000 12/17/97
11/26/97 First Union National Bank 26,000,000 12/10/97
11/26/97 Swiss Bank Corp. 6,000,000 12/12/97
11/28/97 Chase Manhattan Bank 11,000,000 12/16/97
11/28/97 Mellon Bank 6,800,000 12/08/97
12/01/97 First Union National Bank 1,900,000 12/08/97
12/03/97 Bank of New York 7,300,000 12/04/97
12/05/97 Citibank 11,500,000 12/11/97
12/05/97 Mellon Bank 7,700,000 12/12/97
12/09/97 Sumitomo Bank 8,800,000 12/16/97
12/10/97 Bank of New York 11,500,000 12/11/97
12/10/97 Mellon Bank 10,000,000 12/15/97
12/11/97 Citibank 7,000,000 12/18/97
8
<PAGE>
JCP&L continued-
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
12/11/97 Sumitomo Bank $ 8,400,000 12/18/97
12/12/97 Bank of New York 10,000,000 12/15/97
12/12/97 Mellon Bank 4,900,000 12/18/97
12/15/97 Bank of New York 18,800,000 12/29/97
12/15/97 First Union National Bank 20,800,000 12/26/97
12/15/97 Fuji Bank 17,000,000 12/22/97
12/16/97 Chase Manhattan Bank 12,000,000 12/23/97
12/16/97 Sumitomo Bank 6,300,000 12/23/97
12/17/97 Chase Manhattan Bank 19,900,000 12/24/97
12/17/97 Chase Manhattan Bank 1,000,000 12/24/97
12/18/97 Chase Manhattan Bank 10,000,000 12/31/97
12/18/97 Chase Manhattan Bank 4,700,000 12/30/97
12/19/97 Citibank 14,200,000 12/22/97
12/22/97 Bank of New York 9,300,000 12/23/97
12/22/97 Fuji Bank 6,800,000 12/29/97
12/22/97 Mellon Bank 10,000,000 12/24/97
12/22/97 Mellon Bank 10,000,000 12/29/97
12/23/97 Chase Manhattan Bank 8,800,000 12/30/97
12/24/97 Chase Manhattan Bank 10,000,000 01/06/98
12/24/97 Chase Manhattan Bank 10,000,000 01/07/98
12/24/97 CoreStates Bank 10,000,000 01/05/98
12/24/97 Credit Agricole 3,500,000 12/30/97
12/26/97 First Union National Bank 16,600,000 01/05/98
12/29/97 Bank of New York 1,700,000 12/30/97
12/29/97 Bank of Pennsylvania 15,000,000 01/09/98
12/29/97 CIBC 10,000,000 01/08/98
12/30/97 Chase Manhattan Bank 15,000,000 01/08/98
12/30/97 PNC Bank 9,200,000 01/09/98
Met-Ed
- ------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/03/97 Bank of New York $10,000,000 10/06/97
10/03/97 Chase Manhattan Bank 10,800,000 10/08/97
10/16/97 Banca Popolare di Milano 10,200,000 10/23/97
10/22/97 Morgan Guaranty Trust 7,900,000 11/12/97
10/28/97 Citibank 6,800,000 10/29/97
11/05/97 Bank of New York 10,700,000 11/06/97
11/06/97 Bank of New York 8,700,000 11/07/97
11/12/97 Citibank 11,800,000 11/25/97
11/17/97 Bank of New York 8,100,000 11/18/97
11/18/97 Chase Manhattan Bank 7,600,000 11/25/97
11/21/97 Bank of New York 3,600,000 11/24/97
11/26/97 Banca Popolare di Milano 6,000,000 12/10/97
11/28/97 Mellon Bank 5,500,000 12/09/97
12/01/97 First Union National Bank 500,000 12/08/97
12/03/97 Bank of New York 5,600,000 12/04/97
9
<PAGE>
Met-Ed continued-
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
12/11/97 Citibank $ 8,000,000 12/18/97
12/17/97 Chase Manhattan Bank 17,300,000 12/24/97
12/19/97 Bank of New York 6,200,000 12/22/97
12/24/97 Credit Agricole 5,200,000 12/29/97
12/24/97 Credit Agricole 11,800,000 12/26/97
12/26/97 First Union National Bank 4,100,000 01/02/98
12/26/97 First Union National Bank 9,400,000 01/05/98
12/29/97 Chase Manhattan Bank 3,600,000 12/31/97
12/29/97 Summit Bank 8,000,000 01/06/98
12/30/97 Chase Manhattan Bank 15,000,000 01/08/98
12/30/97 PNC Bank 12,300,000 01/09/98
Penelec
- -------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/03/97 Bank of New York $ 9,100,000 10/06/97
10/07/97 Morgan Guaranty Trust 18,600,000 10/20/97
10/15/97 Morgan Guaranty Trust 11,400,000 10/22/97
10/22/97 Merchants National Bank of Bangor 100,000 11/05/97
10/22/97 Morgan Guaranty Trust 10,000,000 11/12/97
10/22/97 Sumitomo Bank 10,300,000 10/29/97
11/03/97 Chase Manhattan Bank 1,100,000 11/10/97
11/03/97 Citibank 15,000,000 11/10/97
11/05/97 Bank of New York 13,600,000 11/06/97
11/06/97 Banca Popolare di Milano 10,700,000 11/07/97
11/17/97 Banca Popolare di Milano 9,000,000 11/18/97
11/18/97 Chase Manhattan Bank 6,400,000 11/25/97
11/19/97 Sumitomo Bank 15,800,000 11/24/97
11/28/97 First Union National Bank 14,500,000 12/09/97
12/04/97 Bank of New York 12,900,000 12/05/97
12/17/97 Chase Manhattan Bank 5,100,000 12/24/97
12/17/97 First Union National Bank 9,200,000 12/24/97
12/18/97 Banca Popolare di Milano 8,800,000 12/22/97
12/24/97 Credit Agricole 4,200,000 12/29/97
12/24/97 Credit Agricole 10,000,000 12/26/97
12/26/97 First Union National Bank 7,700,000 01/02/98
12/26/97 Summit Bank 12,000,000 01/05/98
12/29/97 Bank of New York 15,000,000 01/12/98
12/29/97 Bank of New York 2,100,000 12/30/97
12/30/97 Chase Manhattan Bank 15,000,000 01/08/98
12/30/97 PNC Bank 11,100,000 01/09/98
10
<PAGE>
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 percent, as in effect at the date of borrowing.
During the period of October 1, 1997 through December 31, 1997, the
Companies repaid unsecured promissory notes issued to banks, as follows:
GPU
- ---
Date Bank Amount
- ---- ---- ------
10/01/97 Banca Popolare di Milano $ 7,900,000
10/01/97 Bank of Pennsylvania 15,000,000
10/01/97 Summit Bank 12,300,000
10/02/97 Bank of New York 16,900,000
10/03/97 Summit Bank 7,700,000
10/06/97 Chase Manhattan Bank 14,100,000
10/07/97 Bank of New York 14,100,000
10/07/97 Chase Manhattan Bank 5,900,000
10/08/97 Summit Bank 12,300,000
10/09/97 Banca Popolare di Milano 7,900,000
10/09/97 Union Bank of Switzerland 9,000,000
10/10/97 Merchants National Bank of Bangor 100,000
10/10/97 Summit Bank 7,700,000
10/14/97 Credit Agricole 22,200,000
10/15/97 Bank of New York 2,000,000
10/15/97 Summit Bank 12,300,000
10/16/97 Banca Popolare di Milano 7,900,000
10/16/97 Bank of New York 2,000,000
10/16/97 Fuji Bank 9,000,000
10/17/97 Summit Bank 7,700,000
10/20/97 Chase Manhattan Bank 20,000,000
10/21/97 Banca Popolare di Milano 18,600,000
10/22/97 Summit Bank 12,300,000
10/23/97 First Union National Bank 19,000,000
10/24/97 Merchants National Bank of Bangor 700,000
10/24/97 Summit Bank 7,700,000
10/27/97 Bank of New York 8,400,000
10/27/97 Chase Manhattan Bank 20,000,000
10/28/97 Banca Popolare di Milano 18,700,000
10/29/97 Summit Bank 12,300,000
10/30/97 First Union National Bank 19,000,000
11
<PAGE>
GPU continued-
Date Bank Amount
- ---- ---- ------
11/03/97 Banca Popolare di Milano $11,300,000
11/03/97 Chase Manhattan Bank 10,000,000
11/03/97 Summit Bank 7,700,000
11/04/97 Banca Popolare di Milano 18,700,000
11/05/97 Summit Bank 12,300,000
11/06/97 Fuji Bank 19,000,000
11/07/97 Bank of New York 19,000,000
11/10/97 CoreStates Bank 9,000,000
11/12/97 Banca Popolare di Milano 18,900,000
11/12/97 First Union National Bank 22,200,000
11/12/97 Merchants National Bank of Bangor 100,000
11/14/97 Fuji Bank 19,000,000
11/17/97 Banca Popolare di Milano 9,100,000
11/17/97 Bank of New York 1,400,000
11/18/97 Chase Manhattan Bank 20,000,000
11/19/97 Bank of New York 1,100,000
11/19/97 Summit Bank 20,000,000
11/21/97 Fuji Bank 20,000,000
11/24/97 Bank of New York 1,100,000
11/24/97 Morgan Guaranty Trust 20,000,000
11/25/97 Chase Manhattan Bank 19,000,000
11/26/97 Banca Popolare di Milano 9,100,000
11/26/97 Banca Popolare di Milano 20,900,000
11/26/97 CoreStates Bank 5,100,000
11/26/97 Credit Agricole 10,500,000
11/26/97 First Union National Bank 20,300,000
11/26/97 Summit Bank 12,000,000
11/28/97 Credit Agricole 4,600,000
11/28/97 Fuji Bank 19,000,000
12/01/97 Johnstown Bank & Trust 8,000,000
12/01/97 Summit Bank 8,000,000
12/02/97 Credit Agricole 19,000,000
12/03/97 Bank of New York 10,000,000
12/04/97 Bank of New York 10,000,000
12/05/97 Bank of New York 10,000,000
12/08/97 Johnstown Bank & Trust 8,000,000
12/08/97 Summit Bank 8,000,000
12/09/97 Bank of New York 9,100,000
12/10/97 Banca Popolare di Milano 21,500,000
12/11/97 Banca Popolare di Milano 10,000,000
12/11/97 Sumitomo Bank Corp. 10,000,000
12/12/97 Chase Manhattan Bank 22,300,000
12/15/97 Fuji Bank 8,000,000
12/15/97 Summit Bank 8,000,000
12/16/97 Banca Popolare di Milano 11,500,000
12/16/97 Fuji Bank 3,000,000
12/16/97 Sumitomo Bank Corp. 6,200,000
12/17/97 Summit Bank 12,000,000
12/18/97 Banca Popolare di Milano 18,500,000
12/18/97 Sumitomo Bank Corp. 1,600,000
12/19/97 First Union National Bank 22,300,000
12
<PAGE>
GPU continued-
Date Bank Amount
- ---- ---- ------
12/22/97 Banca Popolare di Milano $ 9,700,000
12/22/97 Swiss Bank Corp. 9,200,000
12/23/97 Banca Popolare di Milano 11,500,000
12/23/97 Bank of New York 3,900,000
12/23/97 Sumitomo Bank Corp. 8,700,000
12/24/97 Summit Bank 12,000,000
12/26/97 Credit Agricole 6,100,000
12/26/97 First Union National Bank 22,300,000
12/29/97 Banca Popolare di Milano 15,000,000
12/29/97 Credit Agricole 6,000,000
12/29/97 Summit Bank 8,000,000
12/30/97 Fuji Bank 9,100,000
12/30/97 Sumitomo Bank Corp. 15,000,000
12/31/97 Sumitomo Bank Corp. 10,000,000
JCP&L
- -----
Issue
Date Bank Amount
---- ---- ------
10/02/97 Bank of New York $ 1,700,000
10/03/97 Chase Manhattan Bank 2,100,000
10/03/97 First Union National Bank 10,400,000
10/06/97 Chase Manhattan Bank 20,600,000
10/06/97 Chase Manhattan Bank 7,300,000
10/07/97 Chase Manhattan Bank 7,400,000
10/07/97 Chase Manhattan Bank 20,000,000
10/08/97 First Union National Bank 22,900,000
10/10/97 Banca Popolare di Milano 12,100,000
10/10/97 First Union National Bank 12,300,000
10/14/97 Banca Popolare di Milano 10,000,000
10/14/97 Credit Agricole 6,400,000
10/14/97 Swiss Bank Corp. 10,000,000
10/15/97 Mellon Bank 18,400,000
10/20/97 Citibank 15,000,000
10/20/97 Morgan Guaranty Trust 8,400,000
10/22/97 Sumitomo Bank Corp. 24,400,000
10/23/97 Morgan Guaranty Trust 11,600,000
10/24/97 Morgan Guaranty Trust 13,600,000
10/28/97 Morgan Guaranty Trust 11,100,000
10/29/97 Morgan Guaranty Trust 9,900,000
10/30/97 Morgan Guaranty Trust 1,200,000
10/30/97 Morgan Guaranty Trust 7,000,000
10/31/97 Morgan Guaranty Trust 11,000,000
11/03/97 Morgan Guaranty Trust 8,800,000
11/04/97 Morgan Guaranty Trust 7,200,000
11/05/97 Morgan Guaranty Trust 1,700,000
11/05/97 Morgan Guaranty Trust 5,900,000
11/06/97 Morgan Guaranty Trust 5,200,000
11/07/97 Morgan Guaranty Trust 4,300,000
13
<PAGE>
JCP&L continued-
Issue
Date Bank Amount
---- ---- ------
11/10/97 Morgan Guaranty Trust $30,400,000
11/12/97 Morgan Guaranty Trust 13,000,000
11/13/97 Bank of New York 15,800,000
11/17/97 Mellon Bank 15,000,000
11/18/97 Bank of New York 4,600,000
11/18/97 CoreStates Bank 5,900,000
11/24/97 Sumitomo Bank Corp. 9,200,000
11/24/97 Summit Bank 8,000,000
11/25/97 Bank of New York 4,600,000
11/25/97 Chase Manhattan Bank 7,800,000
11/26/97 Bank of New York 1,900,000
11/28/97 Mellon Bank 14,400,000
12/02/97 Citibank 14,000,000
12/04/97 Bank of New York 7,300,000
12/05/97 Chase Manhattan Bank 12,600,000
12/08/97 First Union National Bank 1,900,000
12/08/97 Mellon Bank 6,800,000
12/10/97 First Union National Bank 26,000,000
12/11/97 Bank of New York 11,500,000
12/11/97 Citibank 11,500,000
12/12/97 Mellon Bank 7,700,000
12/12/97 Swiss Bank Corp. 6,000,000
12/15/97 Bank of New York 10,000,000
12/15/97 Mellon Bank 10,000,000
12/16/97 Chase Manhattan Bank 11,000,000
12/16/97 Sumitomo Bank Corp. 8,800,000
12/17/97 Chase Manhattan Bank 20,000,000
12/18/97 Citibank 7,000,000
12/18/97 Mellon Bank 4,900,000
12/18/97 Sumitomo Bank Corp. 8,400,000
12/22/97 Citibank 14,200,000
12/22/97 Fuji Bank 17,000,000
12/23/97 Bank of New York 9,300,000
12/23/97 Chase Manhattan Bank 12,000,000
12/23/97 Sumitomo Bank Corp. 6,300,000
12/24/97 Chase Manhattan Bank 19,900,000
12/24/97 Chase Manhattan Bank 1,000,000
12/24/97 Mellon Bank 10,000,000
12/26/97 First Union National Bank 20,800,000
12/29/97 Bank of New York 18,800,000
12/29/97 Fuji Bank 6,800,000
12/29/97 Mellon Bank 10,000,000
12/30/97 Bank of New York 1,700,000
12/30/97 Chase Manhattan Bank 4,700,000
12/30/97 Chase Manhattan Bank 8,800,000
12/30/97 Credit Agricole 3,500,000
12/31/97 Chase Manhattan Bank 10,000,000
14
<PAGE>
Met-Ed
- ------
Issue
Date Bank Amount
---- ---- ------
10/01/97 Bank of New York $ 10,300,000
10/01/97 Merchants National Bank of Bangor 600,000
10/03/97 Chase Manhattan Bank 13,000,000
10/06/97 Bank of New York 10,000,000
10/08/97 Chase Manhattan Bank 10,800,000
10/23/97 Banca Popolare di Milano 10,200,000
10/29/97 Citibank 6,800,000
11/06/97 Bank of New York 10,700,000
11/07/97 Bank of New York 8,700,000
11/12/97 Morgan Guaranty Trust 7,900,000
11/18/97 Bank of New York 8,100,000
11/24/97 Bank of New York 3,600,000
11/25/97 Chase Manhattan Bank 7,600,000
11/25/97 Citibank 11,800,000
12/04/97 Bank of New York 5,600,000
12/08/97 First Union National Bank 500,000
12/09/97 Mellon Bank 5,500,000
12/10/97 Banca Popolare di Milano 6,000,000
12/18/97 Citibank 8,000,000
12/22/97 Bank of New York 6,200,000
12/24/97 Chase Manhattan Bank 17,300,000
12/26/97 Credit Agricole 11,800,000
12/29/97 Credit Agricole 5,200,000
12/31/97 Chase Manhattan Bank 3,600,000
Penelec
- -------
Issue
Date Bank Amount
---- ---- ------
10/03/97 Chase Manhattan Bank $ 11,000,000
10/06/97 Bank of New York 9,100,000
10/09/97 CoreStates Bank 10,000,000
10/10/97 First Union National Bank 7,300,000
10/10/97 Morgan Guaranty Trust 5,000,000
10/20/97 Morgan Guaranty Trust 18,600,000
10/22/97 Morgan Guaranty Trust 11,400,000
10/29/97 Sumitomo Bank Corp. 10,300,000
11/05/97 Merchants National Bank of Bangor 100,000
11/06/97 Bank of New York 13,600,000
11/07/97 Banca Popolare di Milano 10,700,000
11/10/97 Chase Manhattan Bank 1,100,000
11/10/97 Citibank 15,000,000
11/12/97 Morgan Guaranty Trust 10,000,000
11/18/97 Banca Popolare di Milano 9,000,000
11/24/97 Sumitomo Bank Corp. 15,800,000
11/25/97 Chase Manhattan Bank 6,400,000
15
<PAGE>
Penelec continued-
Issue
Date Bank Amount
---- ---- ------
12/05/97 Bank of New York $12,900,000
12/09/97 First Union National Bank 14,500,000
12/22/97 Banca Popolare di Milano 8,800,000
12/24/97 Chase Manhattan Bank 5,100,000
12/24/97 First Union National Bank 9,200,000
12/26/97 Credit Agricole 10,000,000
12/29/97 Credit Agricole 4,200,000
12/30/97 Bank of New York 2,100,000
To summarize the above transactions, at December 31, 1997 the
GPU Companies had outstanding unsecured promissory notes pursuant to informal
bank lines of credit as follows:
GPU $ 91,600,000
JCP&L 95,800,000
Met-Ed 48,800,000
Penelec 60,800,000
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: January 9, 1998
