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, July 17, 1996,
and December 22, 1997, with respect to said Declaration, as follows:
1. During the period April 1, 1999 through June 30, 1999, the GPU
Companies issued no promissory notes representing borrowings under
-2-
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, Amendment No. 2 dated
as of May 15, 1998, and Amendment No. 3 dated as of March 2, 1999, 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 Manhattan Bank Securities, Inc., as
Arrangers, and no such borrowings were outstanding thereunder at such date.
2. At the close of business on March 31, 1999, 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 50,400,000
Penelec 0
3. During the period April 1, 1999 through June 30, 1999, JCP&L,
Met-Ed, and Penelec issued and sold (and paid at maturity where such commercial
paper matured on or before June 30, 1999) unsecured short-term promissory notes
as commercial paper as follows:
JCP&L
- -----
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
04/01/99 04/08/99 10,100,000.00
04/07/99 04/08/99 6,800,000.00
04/08/99 04/12/99 12,300,000.00
04/09/99 04/12/99 7,300,000.00
04/13/99 04/14/99 5,900,000.00
04/14/99 04/15/99 3,100,000.00
04/15/99 04/16/99 25,600,000.00
04/15/99 04/19/99 25,600,000.00
04/16/99 04/20/99 24,300,000.00
-3-
<PAGE>
JCP&L continued
- ---------------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
04/19/99 04/21/99 16,900,000.00
04/20/99 04/22/99 20,400,000.00
04/21/99 04/22/99 8,800,000.00
04/21/99 04/23/99 22,000,000.00
04/22/99 04/26/99 13,800,000.00
04/22/99 04/27/99 13,700,000.00
04/23/99 04/28/99 11,000,000.00
04/23/99 04/29/99 10,000,000.00
04/26/99 04/30/99 7,800,000.00
04/27/99 05/05/99 6,300,000.00
04/28/99 05/05/99 8,300,000.00
04/29/99 05/04/99 5,300,000.00
05/05/99 05/11/99 14,500,000.00
05/06/99 05/12/99 10,200,000.00
05/07/99 05/13/99 14,800,000.00
05/10/99 05/12/99 4,300,000.00
05/11/99 05/12/99 2,000,000.00
05/13/99 05/20/99 4,900,000.00
05/17/99 05/24/99 24,000,000.00
05/18/99 05/20/99 17,900,000.00
05/19/99 05/27/99 9,300,000.00
05/20/99 05/27/99 21,400,000.00
05/20/99 05/28/99 20,000,000.00
05/21/99 05/28/99 22,000,000.00
05/24/99 06/01/99 8,600,000.00
05/24/99 06/02/99 8,000,000.00
05/25/99 06/02/99 5,400,000.00
05/25/99 06/03/99 20,000,000.00
05/26/99 06/07/99 20,000,000.00
05/26/99 06/08/99 15,300,000.00
05/28/99 06/11/99 23,000,000.00
05/28/99 06/14/99 20,000,000.00
06/03/99 06/15/99 19,000,000.00
06/04/99 06/15/99 10,800,000.00
06/04/99 06/17/99 20,000,000.00
06/07/99 06/14/99 11,800,000.00
06/10/99 06/11/99 3,800,000.00
06/11/99 06/21/99 36,000,000.00
06/15/99 06/24/99 32,000,000.00
06/15/99 06/25/99 32,000,000.00
06/16/99 06/28/99 30,400,000.00
06/17/99 06/29/99 19,600,000.00
06/22/99 07/08/99 19,500,000.00
06/23/99 07/09/99 16,500,000.00
06/24/99 06/30/99 4,000,000.00
06/25/99 07/13/99 30,200,000.00
06/29/99 06/30/99 23,300,000.00
06/30/99 07/01/99 10,000,000.00
06/30/99 07/02/99 19,300,000.00
-4-
<PAGE>
Met-Ed
- ------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
04/01/99 04/08/99 6,300,000.00
04/05/99 04/12/99 15,300,000.00
04/06/99 04/13/99 21,200,000.00
04/07/99 04/14/99 13,700,000.00
04/08/99 04/15/99 6,300,000.00
04/09/99 04/16/99 18,500,000.00
04/12/99 04/22/99 15,300,000.00
04/13/99 04/20/99 21,200,000.00
04/14/99 04/21/99 13,700,000.00
04/15/99 04/22/99 6,300,000.00
04/16/99 04/23/99 18,500,000.00
04/20/99 04/27/99 21,200,000.00
04/21/99 04/28/99 13,700,000.00
04/22/99 04/29/99 11,600,000.00
04/22/99 04/30/99 10,000,000.00
04/23/99 05/04/99 18,500,000.00
04/27/99 05/10/99 20,400,000.00
04/28/99 05/12/99 12,900,000.00
04/29/99 05/07/99 9,800,000.00
04/30/99 05/07/99 9,700,000.00
05/03/99 05/10/99 3,700,000.00
05/04/99 05/11/99 9,400,000.00
05/04/99 05/12/99 9,000,000.00
05/07/99 05/14/99 17,000,000.00
05/10/99 05/17/99 23,300,000.00
05/11/99 05/18/99 12,800,000.00
05/12/99 05/19/99 21,200,000.00
05/14/99 05/26/99 17,700,000.00
05/17/99 05/24/99 21,700,000.00
05/18/99 05/25/99 14,400,000.00
05/19/99 05/20/99 9,900,000.00
05/19/99 05/21/99 9,000,000.00
05/20/99 05/25/99 12,200,000.00
05/21/99 05/27/99 9,000,000.00
05/24/99 05/28/99 19,100,000.00
05/25/99 05/26/99 14,600,000.00
05/25/99 05/27/99 10,000,000.00
05/26/99 05/28/99 27,100,000.00
05/27/99 05/28/99 28,800,000.00
06/02/99 06/03/99 4,600,000.00
06/03/99 06/04/99 2,200,000.00
06/04/99 06/07/99 2,600,000.00
06/07/99 06/08/99 1,000,000.00
06/15/99 06/16/99 24,400,000.00
06/15/99 06/17/99 24,000,000.00
06/16/99 06/18/99 21,700,000.00
06/17/99 06/21/99 28,000,000.00
06/18/99 06/22/99 15,800,000.00
-5-
<PAGE>
Met-Ed continued
- ----------------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
06/21/99 06/23/99 26,100,000.00
06/22/99 06/24/99 13,200,000.00
06/23/99 06/25/99 22,100,000.00
06/24/99 06/28/99 10,800,000.00
06/25/99 06/29/99 20,700,000.00
Penelec None
- -------
To summarize the above transactions, at June 30, 1999, JCP&L, Met-Ed and
Penelec had outstanding unsecured short-term promissory notes issued as
commercial paper as follows:
Company Amount
------- ------
JCP&L $ 95,500,000
Met-Ed 0
Penelec 0
4. At the close of business on March 31, 1999, the GPU Companies had
outstanding unsecured short-term promissory notes representing bank borrowings
under informal bank lines, as follows:
Company Amount
------- ------
GPU $ 9,200,000
JCP&L 28,900,000
Met-Ed 65,300,000
Penelec 0
During the period April 1,1999 through June 30,1999, the GPU Companies
issued unsecured promissory notes representing bank borrowings under informal
bank lines of credit as follows:
-6-
<PAGE>
GPU
- ---
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/01/99 Banca Popolare Di Milano 1,300,000.00 04/08/99
04/01/99 Merchants Bank of Bangor 1,000,000.00 04/08/99
04/01/99 Summit Bank 3,400,000.00 04/02/99
04/02/99 Chase Manhattan Bank 3,400,000.00 04/07/99
04/05/99 Summit Bank 10,000,000.00 04/06/99
04/06/99 Chase Manhattan Bank 14,000,000.00 04/07/99
04/07/99 Chase Manhattan Bank 13,700,000.00 04/08/99
04/07/99 Summit Bank 6,600,000.00 04/08/99
04/08/99 Chase Manhattan Bank 25,500,000.00 04/09/99
04/09/99 Banca Popolare Di Milano 15,000,000.00 04/13/99
04/09/99 Sumitomo Bank 16,100,000.00 04/12/99
04/12/99 Chase Manhattan Bank 21,100,000.00 04/14/99
04/13/99 Mellon Bank 18,600,000.00 04/15/99
04/14/99 Chase Manhattan Bank 22,800,000.00 04/16/99
04/15/99 Banca Popolare Di Milano 30,000,000.00 04/19/99
04/15/99 Chase Manhattan Bank 7,700,000.00 04/16/99
04/15/99 Summit Bank 400,000.00 04/16/99
04/16/99 Sumitomo Bank 31,500,000.00 04/20/99
04/19/99 Chase Manhattan Bank 33,600,000.00 04/21/99
04/20/99 Banca Popolare Di Milano 15,000,000.00 04/22/99
04/20/99 Banca Popolare Di Milano 15,000,000.00 04/23/99
04/20/99 Sumitomo Bank 6,500,000.00 04/22/99
04/21/99 Chase Manhattan Bank 17,000,000.00 04/27/99
04/21/99 Chase Manhattan Bank 17,100,000.00 04/26/99
04/22/99 Chase Manhattan Bank 1,600,000.00 04/23/99
04/22/99 Chase Manhattan Bank 10,000,000.00 04/28/99
04/22/99 Chase Manhattan Bank 10,000,000.00 04/29/99
04/23/99 Banca Popolare Di Milano 6,500,000.00 05/03/99
04/23/99 Sumitomo Bank 10,000,000.00 04/30/99
04/26/99 Summit Bank 7,100,000.00 05/05/99
04/26/99 Summit Bank 10,000,000.00 05/04/99
04/27/99 Chase Manhattan Bank 14,100,000.00 05/11/99
04/27/99 Summit Bank 2,900,000.00 05/06/99
04/28/99 Chase Manhattan Bank 11,000,000.00 05/12/99
04/29/99 Chase Manhattan Bank 9,000,000.00 05/06/99
04/30/99 Chase Manhattan Bank 10,500,000.00 05/07/99
05/03/99 Bank of Pennsylvania 3,000,000.00 05/10/99
05/03/99 First Union National Bank 3,000,000.00 05/10/99
05/04/99 Banca Popolare Di Milano 10,100,000.00 05/10/99
05/05/99 Summit Bank 7,000,000.00 05/12/99
05/06/99 Chase Manhattan Bank 12,000,000.00 05/13/99
05/07/99 Summit Bank 10,500,000.00 05/14/99
05/10/99 Chase Manhattan Bank 13,300,000.00 05/17/99
05/10/99 Chase Manhattan Bank 2,700,000.00 05/11/99
05/10/99 Summit Bank 2,500,000.00 05/11/99
05/11/99 Chase Manhattan Bank 15,800,000.00 05/18/99
05/11/99 Chase Manhattan Bank 6,700,000.00 05/14/99
05/11/99 Sumitomo Bank 1,500,000.00 05/12/99
05/12/99 Banca Popolare Di Milano 11,900,000.00 05/19/99
-7-
<PAGE>
GPU continued
- -------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
05/12/99 Summit Bank 8,500,000.00 05/13/99
05/13/99 Chase Manhattan Bank 21,300,000.00 05/20/99
05/14/99 Banca Popolare Di Milano 18,100,000.00 05/21/99
05/17/99 Chase Manhattan Bank 13,300,000.00 05/24/99
05/18/99 Summit Bank 16,700,000.00 05/25/99
05/19/99 Chase Manhattan Bank 8,700,000.00 05/26/99
05/19/99 Summit Bank 3,300,000.00 05/20/99
05/20/99 Chase Manhattan Bank 4,600,000.00 05/24/99
05/20/99 Chase Manhattan Bank 20,000,000.00 05/26/99
05/21/99 Chase Manhattan Bank 8,100,000.00 05/26/99
05/21/99 Chase Manhattan Bank 6,700,000.00 05/25/99
05/21/99 Summit Bank 3,300,000.00 05/24/99
05/24/99 Chase Manhattan Bank 13,300,000.00 05/26/99
05/24/99 Chase Manhattan Bank 4,600,000.00 05/27/99
05/24/99 Summit Bank 3,300,000.00 05/25/99
05/25/99 Banca Popolare Di Milano 2,000,000.00 05/26/99
GPU continued
- -------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
05/25/99 Chase Manhattan Bank 6,700,000.00 05/26/99
05/25/99 Summit Bank 20,000,000.00 05/26/99
05/26/99 Chase Manhattan Bank 10,700,000.00 06/02/99
05/26/99 Chase Manhattan Bank 10,000,000.00 06/01/99
05/26/99 Summit Bank 10,000,000.00 05/27/99
05/27/99 Summit Bank 14,600,000.00 05/28/99
05/28/99 Summit Bank 14,600,000.00 06/01/99
06/01/99 Chase Manhattan Bank 8,000,000.00 06/03/99
06/01/99 Summit Bank 14,600,000.00 06/02/99
06/02/99 Sumitomo Bank 10,700,000.00 06/04/99
06/02/99 Summit Bank 14,600,000.00 06/03/99
06/03/99 Banca Popolare Di Milano 8,200,000.00 06/07/99
06/03/99 Summit Bank 14,600,000.00 06/04/99
06/04/99 Banca Popolare Di Milano 10,500,000.00 06/08/99
06/04/99 Summit Bank 14,600,000.00 06/07/99
06/07/99 Sumitomo Bank 8,200,000.00 06/09/99
06/07/99 Summit Bank 14,600,000.00 06/08/99
06/08/99 Banca Popolare Di Milano 10,500,000.00 06/10/99
06/08/99 Sumitomo Bank 14,700,000.00 06/09/99
06/09/99 Sumitomo Bank 22,900,000.00 06/10/99
06/10/99 Banca Popolare Di Milano 30,000,000.00 06/11/99
06/10/99 Sumitomo Bank 3,400,000.00 06/11/99
06/11/99 Chase Manhattan Bank 19,000,000.00 06/18/99
06/11/99 Sumitomo Bank 16,000,000.00 06/18/99
06/18/99 Banca Popolare Di Milano 11,000,000.00 06/21/99
06/18/99 Chase Manhattan Bank 22,400,000.00 06/21/99
06/21/99 Chase Manhattan Bank 33,400,000.00 06/22/99
-8-
<PAGE>
GPU continued
- -------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
06/22/99 Banca Popolare Di Milano 11,000,000.00 06/23/99
06/22/99 Sumitomo Bank 2,400,000.00 06/23/99
06/22/99 Summit Bank 20,000,000.00 06/23/99
06/23/99 Banca Popolare Di Milano 8,700,000.00 06/24/99
06/23/99 Sumitomo Bank 24,700,000.00 06/24/99
06/24/99 Banca Popolare Di Milano 30,000,000.00 06/25/99
06/24/99 Sumitomo Bank 3,400,000.00 06/25/99
06/25/99 Banca Popolare Di Milano 8,800,000.00 06/28/99
06/25/99 Sumitomo Bank 24,700,000.00 06/28/99
06/28/99 Banca Popolare Di Milano 7,400,000.00 06/29/99
06/28/99 Sumitomo Bank 24,700,000.00 06/29/99
06/29/99 Sumitomo Bank 2,100,000.00 06/30/99
06/30/99 Sumitomo Bank 2,100,000.00 07/01/99
JCP&L
- -----
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/01/99 First Union National Bank 13,100,000.00 04/07/99
04/02/99 Chase Manhattan Bank 10,800,000.00 04/09/99
04/12/99 Chase Manhattan Bank 14,200,000.00 04/13/99
04/15/99 Summit Bank 700,000.00 04/16/99
04/20/99 Summit Bank 9,200,000.00 04/21/99
JCP&L continued
- ---------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/30/99 Bank of Pennsylvania 12,000,000.00 05/06/99
04/30/99 Mellon Bank 20,000,000.00 05/07/99
05/03/99 Banca Popolare Di Milano 12,000,000.00 05/10/99
05/12/99 Chase Manhattan Bank 12,000,000.00 05/19/99
05/12/99 Citibank 3,700,000.00 05/13/99
05/13/99 Summit Bank 9,500,000.00 05/14/99
05/14/99 Citibank 7,100,000.00 05/21/99
05/17/99 Bank of Pennsylvania 15,000,000.00 05/21/99
05/17/99 First Union National Bank 26,000,000.00 05/25/99
05/17/99 Sumitomo Bank 35,000,000.00 05/26/99
05/17/99 Summit Bank 20,000,000.00 05/18/99
05/26/99 Chase Manhattan Bank 24,700,000.00 06/04/99
05/26/99 Chase Manhattan Bank 20,000,000.00 06/16/99
05/26/99 Sumitomo Bank 2,500,000.00 05/27/99
05/26/99 Summit Bank 10,000,000.00 05/27/99
05/27/99 Chase Manhattan Bank 4,600,000.00 06/02/99
05/27/99 First Union National Bank 12,600,000.00 06/10/99
05/27/99 Mellon Bank 20,000,000.00 06/09/99
-9-
<PAGE>
JCP&L continued
- ---------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
05/27/99 Summit Bank 5,400,000.00 06/10/99
06/01/99 Bank of Pennsylvania 13,800,000.00 06/08/99
06/01/99 First Union National Bank 13,400,000.00 06/10/99
06/02/99 Citibank 11,200,000.00 06/09/99
06/07/99 Citibank 3,800,000.00 06/14/99
06/08/99 Sumitomo Bank 12,100,000.00 06/11/99
06/08/99 Summit Bank 14,600,000.00 06/22/99
06/09/99 Citibank 11,200,000.00 06/16/99
06/09/99 Mellon Bank 13,700,000.00 06/17/99
06/10/99 Sumitomo Bank 18,500,000.00 06/18/99
06/10/99 Summit Bank 5,400,000.00 06/18/99
06/14/99 Banca Popolare Di Milano 19,000,000.00 06/23/99
06/14/99 Chase Manhattan Bank 10,000,000.00 06/22/99
06/15/99 Mellon Bank 6,300,000.00 06/23/99
06/17/99 Banca Popolare Di Milano 3,100,000.00 06/18/99
06/17/99 Chase Manhattan Bank 5,300,000.00 06/18/99
06/18/99 Citibank 15,000,000.00 06/30/99
06/18/99 Sumitomo Bank 6,000,000.00 06/23/99
06/18/99 Sumitomo Bank 7,600,000.00 06/22/99
06/21/99 Chase Manhattan Bank 20,000,000.00 07/07/99
06/21/99 First Union National Bank 26,000,000.00 07/06/99
06/21/99 Sumitomo Bank 10,300,000.00 07/02/99
06/23/99 Mellon Bank 11,100,000.00 07/09/99
06/24/99 Summit Bank 20,000,000.00 07/12/99
06/28/99 Banca Popolare Di Milano 11,100,000.00 06/29/99
06/28/99 Bank of Pennsylvania 4,900,000.00 07/14/99
06/28/99 Mellon Bank 8,900,000.00 06/29/99
Met-Ed
- ------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/02/99 Bank of Pennsylvania 9,900,000.00 04/06/99
04/02/99 Mellon Bank 8,300,000.00 04/09/99
04/02/99 Mellon Bank 8,200,000.00 04/12/99
04/06/99 Chase Manhattan Bank 4,600,000.00 04/07/99
04/07/99 Summit Bank 13,400,000.00 04/14/99
04/08/99 Citibank 13,000,000.00 04/15/99
04/09/99 Summit Bank 6,600,000.00 04/16/99
04/12/99 Chase Manhattan Bank 7,700,000.00 04/19/99
04/13/99 Mellon Bank 1,000,000.00 04/15/99
04/14/99 Summit Bank 10,800,000.00 04/21/99
04/15/99 Mellon Bank 19,800,000.00 04/19/99
04/15/99 Summit Bank 500,000.00 04/16/99
04/16/99 Chase Manhattan Bank 1,400,000.00 04/19/99
-10-
<PAGE>
Met-Ed continued
- ----------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/16/99 Sumitomo Bank 3,500,000.00 04/20/99
04/19/99 Chase Manhattan Bank 6,500,000.00 04/23/99
04/19/99 Mellon Bank 20,000,000.00 04/26/99
04/20/99 Sumitomo Bank 1,000,000.00 04/21/99
04/21/99 Chase Manhattan Bank 9,400,000.00 04/22/99
04/21/99 Sumitomo Bank 3,000,000.00 04/23/99
04/22/99 Chase Manhattan Bank 7,300,000.00 04/26/99
04/23/99 Banca Popolare Di Milano 8,300,000.00 05/03/99
04/26/99 Chase Manhattan Bank 15,500,000.00 05/05/99
04/26/99 Chase Manhattan Bank 10,000,000.00 05/06/99
05/03/99 First Union National Bank 11,000,000.00 05/11/99
05/03/99 First Union National Bank 10,000,000.00 05/13/99
05/05/99 Chase Manhattan Bank 10,200,000.00 05/13/99
05/06/99 Citibank 11,300,000.00 05/14/99
05/11/99 Mellon Bank 5,500,000.00 05/18/99
05/12/99 Summit Bank 1,000,000.00 05/13/99
05/13/99 Banca Popolare Di Milano 1,300,000.00 05/14/99
05/13/99 Citibank 3,700,000.00 05/14/99
05/13/99 Mellon Bank 14,500,000.00 05/20/99
05/14/99 Chase Manhattan Bank 6,700,000.00 05/21/99
05/14/99 Citibank 7,000,000.00 05/21/99
05/18/99 Summit Bank 2,000,000.00 05/19/99
05/20/99 Mellon Bank 11,100,000.00 05/27/99
05/21/99 Citibank 12,700,000.00 05/28/99
05/27/99 Sumitomo Bank 1,900,000.00 05/28/99
06/28/99 Bank of Pennsylvania 10,100,000.00 07/12/99
06/29/99 Mellon Bank 8,900,000.00 06/30/99
06/29/99 Sumitomo Bank 7,800,000.00 06/30/99
06/30/99 Mellon Bank 8,900,000.00 07/01/99
06/30/99 Sumitomo Bank 5,900,000.00 07/01/99
Penelec
- -------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
04/15/99 Summit Bank 600,000.00 04/16/99
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.
-11-
<PAGE>
During the period of April 1, 1999 through June 30, 1999, the
Companies repaid unsecured promissory notes issued to banks, as
follows:
GPU
- ---
Date Bank Amount
- ---- ---- ------
04/01/99 Summit Bank 3,400,000.00
04/02/99 Summit Bank 3,400,000.00
04/05/99 First Union National Bank 5,800,000.00
04/06/99 Summit Bank 10,000,000.00
04/07/99 Chase Manhattan Bank 3,400,000.00
04/07/99 Chase Manhattan Bank 14,000,000.00
04/08/99 Banca Popolare DI Milano 1,300,000.00
04/08/99 Chase Manhattan Bank 13,700,000.00
04/08/99 Merchants of Bangor 1,000,000.00
04/08/99 Summit Bank 6,600,000.00
04/09/99 Chase Manhattan Bank 25,500,000.00
04/12/99 Sumitomo Bank 16,100,000.00
04/13/99 Banca Popolare DI Milano 15,000,000.00
04/14/99 Chase Manhattan Bank 21,100,000.00
04/15/99 Mellon Bank West 18,600,000.00
04/16/99 Chase Manhattan Bank 22,800,000.00
04/16/99 Chase Manhattan Bank 7,700,000.00
04/16/99 Summit Bank 400,000.00
04/19/99 Banca Popolare DI Milano 30,000,000.00
04/20/99 Sumitomo Bank 31,500,000.00
04/21/99 Chase Manhattan Bank 33,600,000.00
04/22/99 Banca Popolare DI Milano 15,000,000.00
04/22/99 Sumitomo Bank 6,500,000.00
04/23/99 Banca Popolare DI Milano 15,000,000.00
04/23/99 Chase Manhattan Bank 1,600,000.00
04/26/99 Chase Manhattan Bank 17,100,000.00
04/27/99 Chase Manhattan Bank 17,000,000.00
04/28/99 Chase Manhattan Bank 10,000,000.00
04/29/99 Chase Manhattan Bank 10,000,000.00
04/30/99 Sumitomo Bank 10,000,000.00
05/03/99 Banca Popolare DI Milano 6,500,000.00
05/04/99 Summit Bank 10,000,000.00
05/05/99 Summit Bank 7,100,000.00
05/06/99 Chase Manhattan Bank 9,000,000.00
05/06/99 Summit Bank 2,900,000.00
05/07/99 Chase Manhattan Bank 10,500,000.00
05/10/99 Banca Popolare DI Milano 10,100,000.00
05/10/99 Bank of Pennsylvania 3,000,000.00
05/10/99 First Union National Bank National Bank 3,000,000.00
05/11/99 Chase Manhattan Bank 2,700,000.00
05/11/99 Chase Manhattan Bank 14,100,000.00
05/11/99 Summit Bank 2,500,000.00
05/12/99 Chase Manhattan Bank 11,000,000.00
05/12/99 Sumitomo Bank 1,500,000.00
-12-
<PAGE>
GPU continued
- -------------
Date Bank Amount
- ---- ---- ------
05/12/99 Summit Bank 7,000,000.00
05/13/99 Chase Manhattan Bank 12,000,000.00
05/13/99 Summit Bank 8,500,000.00
05/14/99 Chase Manhattan Bank 6,700,000.00
05/14/99 Summit Bank 10,500,000.00
05/17/99 Chase Manhattan Bank 13,300,000.00
05/18/99 Chase Manhattan Bank 15,800,000.00
05/19/99 Banca Popolare DI Milano 11,900,000.00
05/20/99 Chase Manhattan Bank 21,300,000.00
05/20/99 Summit Bank 3,300,000.00
05/21/99 Banca Popolare DI Milano 18,100,000.00
05/24/99 Chase Manhattan Bank 13,300,000.00
05/24/99 Chase Manhattan Bank 4,600,000.00
05/24/99 Summit Bank 3,300,000.00
05/25/99 Chase Manhattan Bank 6,700,000.00
05/25/99 Summit Bank 16,700,000.00
05/25/99 Summit Bank 3,300,000.00
05/26/99 Banca Popolare DI Milano 2,000,000.00
05/26/99 Chase Manhattan Bank 8,700,000.00
05/26/99 Chase Manhattan Bank 13,300,000.00
05/26/99 Chase Manhattan Bank 8,100,000.00
05/26/99 Chase Manhattan Bank 20,000,000.00
05/26/99 Chase Manhattan Bank 6,700,000.00
05/26/99 Summit Bank 20,000,000.00
05/27/99 Chase Manhattan Bank 4,600,000.00
05/27/99 Summit Bank 10,000,000.00
05/28/99 Summit Bank 14,600,000.00
06/01/99 Chase Manhattan Bank 10,000,000.00
06/01/99 Summit Bank 14,600,000.00
06/02/99 Chase Manhattan Bank 10,700,000.00
06/02/99 Summit Bank 14,600,000.00
06/03/99 Chase Manhattan Bank 8,000,000.00
06/03/99 Summit Bank 14,600,000.00
06/04/99 Sumitomo Bank 10,700,000.00
06/04/99 Summit Bank 14,600,000.00
06/07/99 Banca Popolare DI Milano 8,200,000.00
06/07/99 Summit Bank 14,600,000.00
06/08/99 Banca Popolare DI Milano 10,500,000.00
06/08/99 Summit Bank 14,600,000.00
06/09/99 Sumitomo Bank 14,700,000.00
06/09/99 Sumitomo Bank 8,200,000.00
06/10/99 Banca Popolare DI Milano 10,500,000.00
06/10/99 Sumitomo Bank 22,900,000.00
06/11/99 Banca Popolare DI Milano 30,000,000.00
06/11/99 Sumitomo Bank 3,400,000.00
06/18/99 Chase Manhattan Bank 19,000,000.00
06/18/99 Sumitomo Bank 16,000,000.00
06/21/99 Banca Popolare DI Milano 11,000,000.00
06/21/99 Chase Manhattan Bank 22,400,000.00
06/22/99 Chase Manhattan Bank 33,400,000.00
-13-
<PAGE>
GPU continued
- -------------
Date Bank Amount
- ---- ---- ------
06/23/99 Banca Popolare DI Milano 11,000,000.00
06/23/99 Sumitomo Bank 2,400,000.00
06/23/99 Summit Bank 20,000,000.00
06/24/99 Banca Popolare DI Milano 8,700,000.00
06/24/99 Sumitomo Bank 24,700,000.00
06/25/99 Banca Popolare DI Milano 30,000,000.00
06/25/99 Sumitomo Bank 3,400,000.00
06/28/99 Banca Popolare DI Milano 8,800,000.00
06/28/99 Sumitomo Bank 24,700,000.00
06/29/99 Banca Popolare DI Milano 7,400,000.00
06/29/99 Sumitomo Bank 24,700,000.00
06/30/99 Sumitomo Bank 2,100,000.00
JCP&L
- -----
Date Bank Amount
- ---- ---- ------
04/01/99 Chase Manhattan Bank 11,000,000.00
04/02/99 Bank of Pennsylvania 5,700,000.00
04/05/99 First Union National Bank 7,100,000.00
04/06/99 Bank of Pennsylvania 5,100,000.00
04/07/99 First Union National Bank 13,100,000.00
04/09/99 Chase Manhattan Bank 10,800,000.00
04/13/99 Chase Manhattan Bank 14,200,000.00
04/16/99 Summit Bank 700,000.00
04/21/99 Summit Bank 9,200,000.00
05/06/99 Bank of Pennsylvania 12,000,000.00
05/07/99 Mellon Bank 20,000,000.00
05/10/99 Banca Popolare DI Milano 12,000,000.00
05/13/99 Citibank 3,700,000.00
05/14/99 Summit Bank 9,500,000.00
05/18/99 Summit Bank 20,000,000.00
05/19/99 Chase Manhattan Bank 12,000,000.00
05/21/99 Bank of Pennsylvania 15,000,000.00
05/21/99 Citibank 7,100,000.00
05/25/99 First Union National Bank 26,000,000.00
05/26/99 Sumitomo Bank 35,000,000.00
05/27/99 Sumitomo Bank 2,500,000.00
05/27/99 Summit Bank 10,000,000.00
06/02/99 Chase Manhattan Bank 4,600,000.00
06/04/99 Chase Manhattan Bank 24,700,000.00
06/08/99 Bank of Pennsylvania 13,800,000.00
06/09/99 Citibank 11,200,000.00
06/09/99 Mellon Bank 20,000,000.00
06/10/99 First Union National Bank 12,600,000.00
06/10/99 First Union National Bank 13,400,000.00
06/10/99 Summit Bank 5,400,000.00
06/11/99 Sumitomo Bank 12,100,000.00
06/14/99 Citibank 3,800,000.00
-14-
<PAGE>
JCP&L continued
- ---------------
Date Bank Amount
- ---- ---- ------
06/16/99 Chase Manhattan Bank 20,000,000.00
06/16/99 Citibank 11,200,000.00
06/17/99 Mellon Bank 13,700,000.00
06/18/99 Banca Popolare DI Milano 3,100,000.00
06/18/99 Chase Manhattan Bank 5,300,000.00
06/18/99 Sumitomo Bank 18,500,000.00
06/18/99 Summit Bank 5,400,000.00
06/22/99 Chase Manhattan Bank 10,000,000.00
06/22/99 Sumitomo Bank 7,600,000.00
06/22/99 Summit Bank 14,600,000.00
06/23/99 Banca Popolare DI Milano 19,000,000.00
06/23/99 Mellon Bank 6,300,000.00
06/23/99 Sumitomo Bank 6,000,000.00
06/29/99 Banca Popolare DI Milano 11,100,000.00
06/29/99 Mellon Bank 8,900,000.00
06/30/99 Citibank 15,000,000.00
Met-Ed
- ------
Date Bank Amount
- ---- ---- ------
04/02/99 Bank of Pennsylvania 4,200,000.00
04/02/99 Summit Bank 16,600,000.00
04/05/99 Chase Bank 7,500,000.00
04/06/99 Banca Popolare DI Milano 14,500,000.00
04/06/99 Bank of Pennsylvania 9,900,000.00
04/07/99 Chase Bank 4,600,000.00
04/07/99 Chase Bank 8,500,000.00
04/08/99 Banca Popolare DI Milano 14,000,000.00
04/09/99 Mellon Bank 8,300,000.00
04/12/99 Mellon Bank 8,200,000.00
04/14/99 Summit Bank 13,400,000.00
04/15/99 Citibank 13,000,000.00
04/15/99 Mellon Bank 1,000,000.00
04/16/99 Summit Bank 6,600,000.00
04/16/99 Summit Bank 500,000.00
04/19/99 Chase Bank 7,700,000.00
04/19/99 Chase Bank 1,400,000.00
04/19/99 Mellon Bank 19,800,000.00
04/20/99 Sumitomo Bank 3,500,000.00
04/21/99 Sumitomo Bank 1,000,000.00
04/21/99 Summit Bank 10,800,000.00
04/22/99 Chase Bank 9,400,000.00
04/23/99 Chase Bank 6,500,000.00
04/23/99 Sumitomo Bank 3,000,000.00
04/26/99 Chase Bank 7,300,000.00
04/26/99 Mellon Bank 20,000,000.00
05/03/99 Banca Popolare DI Milano 8,300,000.00
05/05/99 Chase Bank 15,500,000.00
05/06/99 Chase Bank 10,000,000.00
-15-
<PAGE>
Met-Ed continued
- ----------------
Date Bank Amount
- ---- ---- ------
05/11/99 First Union National Bank 11,000,000.00
05/13/99 Chase Bank 10,200,000.00
05/13/99 First Union National Bank 10,000,000.00
05/13/99 Summit Bank 1,000,000.00
05/14/99 Banca Popolare DI Milano 1,300,000.00
05/14/99 Citibank 3,700,000.00
05/14/99 Citibank 11,300,000.00
05/18/99 Mellon Bank 5,500,000.00
05/19/99 Summit Bank 2,000,000.00
05/20/99 Mellon Bank 14,500,000.00
05/21/99 Chase Bank 6,700,000.00
05/21/99 Citibank 7,000,000.00
05/27/99 Mellon Bank 11,100,000.00
05/28/99 Citibank 12,700,000.00
05/28/99 Sumitomo Bank 1,900,000.00
06/30/99 Mellon Bank 8,900,000.00
06/30/99 Sumitomo Bank 7,800,000.00
Penelec
Date Bank Amount
- ---- ---- ------
04/16/99 Summit Bank 600,000.00
To summarize the above transactions, at June 30, 1999 the GPU
Companies had outstanding unsecured promissory notes pursuant to informal bank
lines of credit as follows:
GPU $2,100,000
JCP&L 92,300,000
Met-Ed 24,900,000
Penelec 0
-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 9, 1999
