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 October 1, 1998 through December 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, and Amendment No. 2
dated as of May 15, 1998, among the GPU Companies; the banks named therein, and
The Chase Manhattan Bank, N.A., as Administrative Agent, Citibank Securities,
Inc., as Syndication Agent, and Citicorp Securities, Inc. and Chase Manhattan
Bank Securities, Inc., as Arrangers, and no such borrowings were outstanding
thereunder at such date.
2. At the close of business on 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
3. During the period October 1, 1998 through December 31, 1998, JCP&L,
Met-Ed, and Penelec issued and sold (and paid at maturity where such commercial
paper matured on or before December 31, 1998) unsecured short-term promissory
notes as commercial paper as follows:
JCP&L
- -----
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
10/23/98 10/26/98 6,600,000
10/26/98 10/28/98 9,200,000
11/03/98 11/10/98 15,300,000
12/04/98 12/10/98 20,000,000
12/09/98 12/16/98 11,800,000
12/10/98 12/17/98 17,300,000
12/11/98 12/14/98 6,900,000
12/14/98 12/18/98 18,300,000
12/16/98 12/23/98 13,100,000
12/17/98 12/24/98 15,700,000
12/18/98 12/30/98 29,600,000
12/21/98 12/23/98 6,900,000
12/28/98 01/04/99 30,000,000
12/28/98 01/04/99 6,600,000
12/29/98 01/11/99 10,700,000
12/31/98 01/06/99 21,800,000
-3-
<PAGE>
Met-Ed
- ------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
11/10/98 11/12/98 5,800,000
11/12/98 11/13/98 17,700,000
11/20/98 11/23/98 11,500,000
11/23/98 11/24/98 7,300,000
12/03/98 12/04/98 9,200,000
12/04/98 12/07/98 4,400,000
12/04/98 12/11/98 10,000,000
12/07/98 12/08/98 4,900,000
12/08/98 12/14/98 15,800,000
12/09/98 12/10/98 7,000,000
12/09/98 12/11/98 13,000,000
12/11/98 12/14/98 6,500,000
12/14/98 12/18/98 21,800,000
12/15/98 12/29/98 14,600,000
12/16/98 12/23/98 9,200,000
12/17/98 12/21/98 10,100,000
12/18/98 12/21/98 1,000,000
12/21/98 12/24/98 14,600,000
12/22/98 12/28/98 11,200,000
12/28/98 01/04/99 24,900,000
12/29/98 01/12/99 3,700,000
12/31/98 01/08/99 34,600,000
Penelec
- -------
Date of Issuance Maturity Date Amount
- ---------------- ------------- ------
11/02/98 11/09/98 6,100,000
11/12/98 11/13/98 12,900,000
11/20/98 11/23/98 11,400,000
11/30/98 12/07/98 17,400,000
12/03/98 12/04/98 9,500,000
12/04/98 12/10/98 10,600,000
12/07/98 12/11/98 18,200,000
12/07/98 12/14/98 18,100,000
12/08/98 12/09/98 8,500,000
12/09/98 12/10/98 5,000,000
12/09/98 12/16/98 8,900,000
12/11/98 12/14/98 4,700,000
12/14/98 12/15/98 10,000,000
12/14/98 12/18/98 9,700,000
12/15/98 12/18/98 5,500,000
12/16/98 12/23/98 20,200,000
12/17/98 12/21/98 19,400,000
12/18/98 12/29/98 23,300,000
12/21/98 12/24/98 16,600,000
12/22/98 12/28/98 11,800,000
12/28/98 01/04/99 10,900,000
12/29/98 01/12/99 32,000,000
12/31/98 01/08/99 11,300,000
-4-
<PAGE>
To summarize the above transactions, at December 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 $ 69,100,000
Met-Ed 63,200,000
Penelec 54,200,000
4. At the close of business on September 30, 1998, the GPU Companies had
outstanding unsecured short-term promissory notes representing bank borrowings
under informal bank lines, as follows:
Company Amount
------- ------
GPU $ 70,100,000
JCP&L 47,500,000
Met-Ed 76,200,000
Penelec 79,600,000
During the period October 1,1998 through December 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
- ---- ---- ------ --------
10/01/98 Chase Manhattan Bank 8,000,000 10/08/98
10/01/98 Sumitomo Bank 10,500,000 10/08/98
10/02/98 Sumitomo Bank 14,500,000 10/07/98
10/02/98 Summit Bank 2,200,000 10/05/98
10/05/98 Summit Bank 2,200,000 10/14/98
10/06/98 Bank of New York 3,100,000 10/07/98
10/06/98 First Union National Bank 12,000,000 10/14/98
10/07/98 Bank of New York 17,600,000 10/08/98
10/08/98 PNC Bank 20,800,000 10/15/98
10/08/98 Sumitomo Bank 15,400,000 10/09/98
10/09/98 First Union National Bank 15,400,000 10/16/98
10/13/98 Banca Popolare di Milano 14,900,000 10/20/98
-5-
<PAGE>
GPU cont'd
- ----------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/13/98 Bank of New York 4,900,000 10/20/98
10/14/98 Credit Agricole 20,000,000 10/19/98
10/14/98 First Union National Bank 26,000,000 10/21/98
10/14/98 First Union National Bank 14,600,000 10/21/98
10/14/98 PNC Bank 18,500,000 10/22/98
10/15/98 Sumitomo Bank 20,800,000 10/29/98
10/16/98 First Union National Bank 15,400,000 10/19/98
10/16/98 Merchants Natl Bank of Bangor 100,000 10/19/98
10/19/98 Bank of New York 2,500,000 10/20/98
10/19/98 Chase Manhattan Bank 8,000,000 10/20/98
10/19/98 First Union National Bank 15,400,000 10/23/98
10/19/98 Summit Bank 9,600,000 10/26/98
10/20/98 Banca Popolare di Milano 14,900,000 11/03/98
10/20/98 Chase Manhattan Bank 8,000,000 11/04/98
10/20/98 PNC Bank 7,400,000 10/27/98
10/21/98 Bank of New York 2,700,000 10/22/98
10/21/98 Chase Manhattan Bank 12,000,000 10/23/98
10/21/98 First Union National Bank 16,000,000 10/27/98
10/21/98 First Union National Bank 10,000,000 10/28/98
10/22/98 PNC Bank 18,500,000 10/26/98
10/22/98 Sumitomo Bank 2,700,000 10/23/98
10/23/98 Chase Manhattan Bank 12,000,000 10/30/98
10/23/98 First Union National Bank 15,900,000 10/28/98
10/23/98 Summit Bank 2,200,000 10/30/98
10/26/98 PNC Bank 10,300,000 11/02/98
10/26/98 Summit Bank 17,800,000 11/02/98
10/27/98 First Union National Bank 16,000,000 11/10/98
10/27/98 PNC Bank 3,400,000 11/03/98
10/27/98 PNC Bank 4,100,000 10/28/98
10/28/98 First Union National Bank 10,000,000 11/04/98
10/28/98 First Union National Bank 20,000,000 11/12/98
10/29/98 Banca Popolare di Milano 12,700,000 11/05/98
10/29/98 PNC Bank 6,400,000 11/05/98
10/29/98 Sumitomo Bank 1,700,000 11/05/98
10/30/98 Chase Manhattan Bank 12,000,000 11/06/98
10/30/98 Summit Bank 2,200,000 11/06/98
11/02/98 Bank of New York 10,500,000 11/09/98
11/02/98 Summit Bank 17,800,000 11/09/98
11/03/98 PNC Bank 18,300,000 11/17/98
11/04/98 Chase Manhattan Bank 8,000,000 11/18/98
11/04/98 PNC Bank 10,200,000 11/06/98
11/05/98 Banca Popolare di Milano 15,100,000 11/13/98
11/05/98 PNC Bank 5,600,000 11/13/98
11/06/98 Chase Manhattan Bank 12,000,000 11/20/98
11/06/98 PNC Bank 10,200,000 11/13/98
11/06/98 Summit Bank 2,200,000 11/20/98
11/09/98 PNC Bank 8,100,000 11/16/98
11/09/98 Sumitomo Bank 20,200,000 11/16/98
11/10/98 Bank of New York 4,900,000 11/12/98
11/10/98 PNC Bank 11,200,000 11/18/98
11/12/98 Credit Agricole 11,700,000 11/19/98
11/12/98 PNC Bank 13,200,000 11/13/98
11/13/98 Banca Popolare di Milano 15,100,000 11/25/98
-6-
<PAGE>
GPU cont'd
- ----------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
11/13/98 First Union National Bank 18,100,000 12/04/98
11/13/98 PNC Bank 6,100,000 11/19/98
11/13/98 Sumitomo Bank 4,800,000 11/20/98
11/16/98 First Union National Bank 7,900,000 11/20/98
11/16/98 Sumitomo Bank 3,900,000 11/17/98
11/16/98 Sumitomo Bank 10,500,000 11/23/98
11/16/98 Summit Bank 6,100,000 11/23/98
11/17/98 Banca Popolare di Milano 1,000,000 11/24/98
11/17/98 Credit Agricole 8,300,000 11/24/98
11/17/98 PNC Bank 12,900,000 11/23/98
11/18/98 Chase Manhattan Bank 8,000,000 11/25/98
11/18/98 PNC Bank 11,800,000 11/25/98
11/19/98 PNC Bank 13,700,000 11/25/98
11/19/98 PNC Bank 4,100,000 11/25/98
11/20/98 PNC Bank 11,600,000 11/25/98
11/20/98 Sumitomo Bank 4,800,000 11/25/98
11/20/98 Summit Bank 2,200,000 11/25/98
11/23/98 Bank of New York 8,900,000 11/24/98
11/23/98 PNC Bank 9,300,000 11/25/98
11/23/98 Sumitomo Bank 20,200,000 11/30/98
11/24/98 Chase Manhattan Bank 12,000,000 12/08/98
11/24/98 Credit Agricole 6,200,000 12/08/98
11/25/98 Banca Popolare di Milano 7,600,000 12/02/98
11/30/98 PNC Bank 4,600,000 12/07/98
11/30/98 Union Bank of Switzerland 14,400,000 12/07/98
12/02/98 Sumitomo Bank 5,600,000 12/03/98
12/03/98 Banca Popolare di Milano 8,200,000 12/09/98
12/04/98 Banca Popolare di Milano 7,500,000 12/10/98
12/04/98 Bank of New York 1,000,000 12/07/98
12/04/98 Sumitomo Bank 1,300,000 12/10/98
12/04/98 Summit Bank 8,300,000 12/10/98
12/07/98 PNC Bank 20,100,000 12/11/98
12/08/98 Credit Agricole 18,200,000 12/14/98
12/09/98 Banca Popolare di Milano 1,000,000 12/10/98
12/09/98 Chase Manhattan Bank 7,300,000 12/16/98
12/10/98 Banca Popolare di Milano 19,600,000 12/17/98
12/11/98 Chase Manhattan Bank 15,000,000 12/22/98
12/11/98 PNC Bank 6,700,000 12/14/98
12/14/98 Sumitomo Bank 4,900,000 12/16/98
12/14/98 Summit Bank 20,000,000 12/21/98
12/16/98 Banca Popolare di Milano 10,400,000 12/23/98
12/16/98 Sumitomo Bank 1,000,000 12/23/98
12/17/98 Banca Popolare di Milano 18,600,000 12/24/98
12/17/98 Sumitomo Bank 1,400,000 12/18/98
12/18/98 Sumitomo Bank 1,100,000 12/21/98
12/21/98 Chase Manhattan Bank 20,000,000 12/28/98
12/21/98 Summit Bank 1,500,000 12/28/98
12/22/98 Sumitomo Bank 15,000,000 12/29/98
12/23/98 PNC Bank 11,100,000 01/07/99
12/24/98 Banca Popolare di Milano 4,200,000 12/28/98
12/24/98 Bank of Pennsylvania 2,800,000 01/05/99
12/24/98 Sumitomo Bank 10,000,000 12/28/98
12/24/98 Summit Bank 1,400,000 01/05/99
-7-
<PAGE>
GPU cont'd
- ----------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
12/28/98 Chase Manhattan Bank 2,900,000 01/04/99
12/28/98 First Union National Bank 30,000,000 01/04/99
12/29/98 Chase Manhattan Bank 15,000,000 01/08/99
12/30/98 First Union National Bank 2,400,000 01/12/99
12/30/98 PNC Bank 3,500,000 01/12/99
JCP&L
- -----
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/01/98 Morgan Guaranty Trust Co. 12,100,000 10/08/98
10/02/98 Chase Manhattan Bank 19,800,000 10/08/98
10/02/98 Summit Bank 17,800,000 10/09/98
10/05/98 First Union National Bank 10,100,000 10/06/98
10/05/98 First Union National Bank 14,000,000 10/14/98
10/06/98 Bank of New York 600,000 10/07/98
10/07/98 Sumitomo Bank 2,000,000 10/08/98
10/08/98 Chase Manhattan Bank 8,000,000 10/16/98
10/08/98 Morgan Guaranty Trust Co. 18,200,000 10/13/98
10/09/98 Fuji Bank 6,400,000 10/13/98
10/09/98 Summit Bank 17,800,000 10/16/98
10/13/98 Mellon Bank 20,000,000 10/20/98
10/14/98 Summit Bank 200,000 10/21/98
10/15/98 Citibank 12,200,000 10/22/98
10/16/98 PNC Bank 16,100,000 10/19/98
10/19/98 Summit Bank 8,200,000 10/26/98
10/20/98 Credit Agricole 20,000,000 10/27/98
10/20/98 PNC Bank 3,700,000 10/23/98
10/22/98 PNC Bank 6,600,000 10/23/98
10/27/98 Chase Manhattan Bank 5,300,000 11/03/98
10/27/98 Credit Agricole 6,800,000 11/03/98
10/28/98 Mellon Bank 4,000,000 10/29/98
10/30/98 Sumitomo Bank 23,200,000 11/06/98
11/02/98 Bank of New York 5,300,000 11/09/98
11/02/98 PNC Bank 10,300,000 11/09/98
11/02/98 PNC Bank 1,000,000 11/09/98
11/04/98 First Union National Bank 1,900,000 11/05/98
11/06/98 Mellon Bank 14,700,000 11/13/98
11/09/98 Bank of New York 7,600,000 11/10/98
11/09/98 Summit Bank 7,800,000 11/16/98
11/10/98 Bank of New York 3,700,000 11/12/98
11/13/98 PNC Bank 14,600,000 11/16/98
11/16/98 Summit Bank 11,700,000 11/17/98
11/17/98 Chase Manhattan Bank 2,500,000 11/18/98
11/18/98 PNC Bank 3,300,000 11/19/98
11/20/98 Bank of New York 1,700,000 11/23/98
11/20/98 PNC Bank 9,300,000 11/23/98
11/23/98 PNC Bank 11,800,000 11/24/98
11/25/98 Bank of Pennsylvania 15,000,000 12/03/98
11/25/98 Chase Manhattan Bank 25,000,000 12/04/98
11/25/98 Chase Manhattan Bank 25,000,000 12/09/98
11/25/98 PNC Bank 21,200,000 12/07/98
-8-
<PAGE>
JCP&L cont'd
- ------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
12/02/98 Sumitomo Bank 2,500,000 12/03/98
12/03/98 Sumitomo Bank 18,900,000 12/08/98
12/07/98 PNC Bank 24,300,000 12/11/98
12/08/98 Chase Manhattan Bank 12,000,000 12/14/98
12/08/98 Credit Agricole 1,800,000 12/14/98
12/08/98 Sumitomo Bank 6,500,000 12/14/98
12/11/98 Chase Manhattan Bank 12,000,000 12/22/98
12/14/98 First Union National Bank 1,000,000 12/15/98
12/15/98 Credit Agricole 20,000,000 12/29/98
12/15/98 Mellon Bank 17,200,000 12/28/98
12/22/98 Summit Bank 1,400,000 12/23/98
12/23/98 Banca Popolare di Milano 2,900,000 12/24/98
12/23/98 PNC Bank 14,700,000 01/07/99
12/24/98 Banca Popolare di Milano 12,800,000 12/28/98
12/28/98 Chase Manhattan Bank 10,000,000 01/04/99
12/29/98 Chase Manhattan Bank 5,000,000 01/08/99
12/30/98 First Union National Bank 23,600,000 01/12/99
Met-Ed
- ------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/02/98 Chase Manhattan Bank 26,700,000 10/08/98
10/06/98 First Union National Bank 14,600,000 10/14/98
10/07/98 Bank of New York 8,100,000 10/08/98
10/08/98 Bank of New York 22,000,000 10/09/98
10/08/98 Sumitomo Bank 9,600,000 10/09/98
10/09/98 Fuji Bank 6,300,000 10/13/98
10/09/98 Sumitomo Bank 25,000,000 10/15/98
10/13/98 Chase Manhattan Bank 30,800,000 10/20/98
10/14/98 PNC Bank 11,000,000 10/15/98
10/15/98 Banca Popolare di Milano 12,700,000 10/29/98
10/20/98 Bank of New York 17,700,000 10/21/98
10/20/98 PNC Bank 14,700,000 10/27/98
10/21/98 PNC Bank 15,700,000 10/22/98
10/22/98 PNC Bank 13,900,000 10/23/98
10/23/98 PNC Bank 13,400,000 10/26/98
10/26/98 PNC Bank 15,200,000 10/28/98
10/27/98 Credit Agricole 13,200,000 11/03/98
10/28/98 First Union National Bank 10,000,000 11/04/98
10/28/98 Mellon Bank 3,500,000 10/29/98
10/29/98 Sumitomo Bank 18,000,000 10/30/98
10/30/98 Mellon Bank 19,200,000 11/06/98
11/02/98 Bank of New York 16,100,000 11/09/98
11/03/98 Credit Agricole 8,300,000 11/17/98
11/03/98 PNC Bank 3,400,000 11/10/98
11/04/98 First Union National Bank 4,000,000 11/10/98
11/04/98 PNC Bank 7,800,000 11/10/98
11/06/98 Mellon Bank 5,300,000 11/13/98
11/06/98 PNC Bank 4,600,000 11/13/98
11/06/98 Sumitomo Bank 3,000,000 11/13/98
11/09/98 Bank of New York 5,800,000 11/10/98
-9-
<PAGE>
Met-Ed cont'd
- -------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
11/09/98 First Union National Bank 7,900,000 11/16/98
11/09/98 PNC Bank 2,200,000 11/16/98
11/10/98 Credit Agricole 11,700,000 11/12/98
11/13/98 First Union National Bank 10,700,000 11/16/98
11/17/98 Banca Popolare di Milano 13,900,000 12/02/98
11/17/98 Summit Bank 11,700,000 12/08/98
11/18/98 PNC Bank 3,900,000 11/19/98
11/19/98 Mellon Bank 5,900,000 11/20/98
11/24/98 Banca Popolare di Milano 1,000,000 11/30/98
11/24/98 PNC Bank 3,700,000 11/25/98
11/25/98 Banca Popolare di Milano 7,500,000 12/04/98
11/25/98 PNC Bank 22,800,000 12/09/98
11/25/98 Summit Bank 2,200,000 12/04/98
11/30/98 PNC Bank 2,000,000 12/07/98
12/01/98 Sumitomo Bank 2,600,000 12/02/98
12/02/98 Sumitomo Bank 11,600,000 12/03/98
12/03/98 Banca Popolare di Milano 14,300,000 12/10/98
12/03/98 Sumitomo Bank 1,300,000 12/04/98
12/10/98 Banca Popolare di Milano 10,400,000 12/16/98
12/10/98 PNC Bank 10,000,000 12/17/98
12/11/98 Chase Manhattan Bank 13,000,000 12/22/98
12/23/98 PNC Bank 4,200,000 01/07/99
12/24/98 Banca Poplare di Milano 12,800,000 12/28/98
12/29/98 Bank of Pennsylvania 12,200,000 01/12/99
Penelec
- -------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/01/98 Morgan Guaranty Trust Co. 9,400,000 10/08/98
10/02/98 Mellon Bank 11,100,000 10/09/98
10/05/98 Bank of New York 4,500,000 10/06/98
10/05/98 Credit Agricole 20,000,000 10/14/98
10/06/98 Banca Popolare di Milano 15,100,000 10/07/98
10/06/98 Bank of New York 8,800,000 10/07/98
10/07/98 Banca Popolare di Milano 15,100,000 10/15/98
10/07/98 Sumitomo Bank 12,000,000 10/08/98
10/08/98 Fuji Bank 7,700,000 10/09/98
10/08/98 Morgan Guaranty Trust Co. 10,000,000 10/15/98
10/09/98 Mellon Bank 20,000,000 10/13/98
10/13/98 Bank of New York 1,100,000 10/20/98
10/13/98 Morgan Guaranty Trust Co. 25,000,000 10/20/98
10/14/98 Chase Manhattan Bank 12,000,000 10/21/98
10/14/98 PNC Bank 1,500,000 10/19/98
10/14/98 Summit Bank 2,000,000 10/21/98
10/15/98 Banca Popolare di Milano 2,400,000 11/05/98
10/15/98 Chase Manhattan Bank 19,200,000 10/29/98
10/15/98 Citibank 2,800,000 10/22/98
10/15/98 PNC Bank 3,800,000 10/16/98
10/15/98 Sumitomo Bank 4,200,000 10/22/98
10/16/98 Merchants Natl Bank of Bangor 600,000 10/19/98
-10-
<PAGE>
Penelec cont'd
- --------------
Issue
Date Bank Amount Maturity
- ---- ---- ------ --------
10/20/98 Bank of New York 10,000,000 10/21/98
10/20/98 PNC Bank 9,400,000 10/27/98
10/21/98 Bank of New York 5,000,000 10/22/98
10/21/98 First Union National Bank 14,600,000 10/23/98
10/21/98 PNC Bank 5,600,000 10/22/98
10/22/98 Chase Manhattan Bank 17,800,000 10/26/98
10/23/98 First Union National Bank 12,600,000 10/27/98
10/26/98 PNC Bank 2,300,000 10/28/98
10/26/98 PNC Bank 8,200,000 10/28/98
10/26/98 Sumitomo Bank 4,200,000 10/28/98
10/27/98 PNC Bank 28,100,000 11/03/98
10/28/98 Chase Manhattan Bank 4,200,000 11/04/98
10/28/98 PNC Bank 8,200,000 11/04/98
10/29/98 PNC Bank 17,600,000 11/05/98
10/30/98 Bank of Pennsylvania 6,000,000 11/06/98
11/03/98 Banca Popolare di Milano 14,900,000 11/17/98
11/03/98 Credit Agricole 11,700,000 11/10/98
11/04/98 First Union National Bank 7,900,000 11/09/98
11/05/98 First Union National Bank 2,100,000 11/12/98
11/05/98 PNC Bank 13,800,000 11/12/98
11/05/98 Sumitomo Bank 1,800,000 11/12/98
11/06/98 Sumitomo Bank 3,300,000 11/09/98
11/09/98 Bank of New York 9,600,000 11/10/98
11/09/98 Summit Bank 10,000,000 11/16/98
11/10/98 Bank of New York 1,100,000 11/12/98
11/10/98 First Union National Bank 16,000,000 11/13/98
11/12/98 First Union National Bank 2,100,000 11/13/98
11/13/98 Mellon Bank 20,000,000 11/16/98
11/13/98 PNC Bank 9,100,000 11/18/98
11/13/98 PNC Bank 4,100,000 11/18/98
11/16/98 PNC Bank 15,900,000 11/20/98
11/16/98 Sumitomo Bank 9,700,000 11/23/98
11/17/98 Chase Manhattan Bank 13,900,000 11/19/98
11/18/98 PNC Bank 11,600,000 11/24/98
11/19/98 Credit Agricole 11,700,000 11/24/98
11/23/98 Mellon Bank 14,500,000 11/30/98
11/23/98 Summit Bank 6,100,000 12/04/98
11/24/98 Credit Agricole 13,700,000 12/08/98
11/24/98 First Union National Bank 7,900,000 12/08/98
11/25/98 Chase Manhattan Bank 8,000,000 12/09/98
11/25/98 PNC Bank 24,200,000 12/07/98
11/25/98 Sumitomo Bank 4,800,000 12/09/98
12/07/98 PNC Bank 5,600,000 12/10/98
12/08/98 Sumitomo Bank 12,400,000 12/16/98
12/10/98 PNC Bank 14,200,000 12/17/98
12/10/98 Sumitomo Bank 6,100,000 12/17/98
12/11/98 Chase Manhattan Bank 10,000,000 12/22/98
12/15/98 Merchants Natl Bank of Bangor 900,000 12/29/98
12/23/98 Citibank 14,800,000 01/07/99
12/24/98 Summit Bank 17,100,000 01/05/99
-11-
<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%, as in effect at the date of borrowing.
During the period of October 1, 1998 through December 31, 1998, the
Companies repaid unsecured promissory notes issued to banks, as follows:
-12-
<PAGE>
GPU
- ---
Date Bank Amount
- ---- ---- ------
10/01/98 Bank of Pennsylvania 10,500,000
10/01/98 Chase Manhattan Bank 8,000,000
10/02/98 Credit Agricole 16,700,000
10/05/98 Summit Bank 2,200,000
10/06/98 Banca Popolare di Milano 15,100,000
10/07/98 Bank of New York 3,100,000
10/07/98 Sumitomo Bank 14,500,000
10/08/98 Bank of New York 17,600,000
10/08/98 Chase Manhattan Bank 8,000,000
10/08/98 Sumitomo Bank 10,500,000
10/09/98 Sumitomo Bank 15,400,000
10/13/98 PNC Bank 4,900,000
10/13/98 PNC Bank 14,900,000
10/14/98 First Union National Bank 12,000,000
10/14/98 Summit Bank 2,200,000
10/15/98 PNC Bank 20,800,000
10/16/98 First Union National Bank 15,400,000
10/19/98 Credit Agricole 20,000,000
10/19/98 First Union National Bank 15,400,000
10/19/98 Merchants Natl Bank of Bangor 100,000
10/20/98 Banca Popolare di Milano 14,900,000
10/20/98 Bank of New York 4,900,000
10/20/98 Bank of New York 2,500,000
10/20/98 Chase Manhattan Bank 8,000,000
10/21/98 First Union National Bank 26,000,000
10/21/98 First Union National Bank 14,600,000
10/22/98 Bank of New York 2,700,000
10/22/98 PNC Bank 18,500,000
10/23/98 Chase Manhattan Bank 12,000,000
10/23/98 First Union National Bank 15,400,000
10/23/98 Sumitomo Bank 2,700,000
10/26/98 PNC Bank 18,500,000
10/26/98 Summit Bank 9,600,000
10/27/98 First Union National Bank 16,000,000
10/27/98 PNC Bank 7,400,000
10/28/98 First Union National Bank 15,900,000
10/28/98 First Union National Bank 10,000,000
10/28/98 PNC Bank 4,100,000
10/29/98 Sumitomo Bank 20,800,000
10/30/98 Chase Manhattan Bank 12,000,000
10/30/98 Summit Bank 2,200,000
11/02/98 PNC Bank 10,300,000
11/02/98 Summit Bank 17,800,000
11/03/98 Banca Popolare di Milano 14,900,000
11/03/98 PNC Bank 3,400,000
11/04/98 Chase Manhattan Bank 8,000,000
11/04/98 First Union National Bank 10,000,000
11/05/98 Banca Popolare di Milano 12,700,000
11/05/98 PNC Bank 6,400,000
11/05/98 Sumitomo Bank 1,700,000
11/06/98 Chase Manhattan Bank 12,000,000
11/06/98 PNC Bank 10,200,000
11/06/98 Summit Bank 2,200,000
11/09/98 Bank of New York 10,500,000
-13-
<PAGE>
GPU continued-
- --------------
Date Bank Amount
- ---- ---- ------
11/09/98 Summit Bank 17,800,000
11/10/98 First Union National Bank 16,000,000
11/12/98 Bank of New York 4,900,000
11/12/98 First Union National Bank 20,000,000
11/13/98 Banca Popolare di Milano 15,100,000
11/13/98 PNC Bank 13,200,000
11/13/98 PNC Bank 10,200,000
11/13/98 PNC Bank 5,600,000
11/16/98 PNC Bank 8,100,000
11/16/98 Sumitomo Bank 20,200,000
11/17/98 PNC Bank 18,300,000
11/17/98 Sumitomo Bank 3,900,000
11/18/98 Chase Manhattan Bank 8,000,000
11/18/98 PNC Bank 11,200,000
11/19/98 Credit Agricole 11,700,000
11/19/98 PNC Bank 6,100,000
11/20/98 Chase Manhattan Bank 12,000,000
11/20/98 First Union National Bank 7,900,000
11/20/98 Sumitomo Bank 4,800,000
11/20/98 Summit Bank 2,200,000
11/23/98 PNC Bank 12,900,000
11/23/98 Sumitomo Bank 10,500,000
11/23/98 Summit Bank 6,100,000
11/24/98 Banca Popolare di Milano 1,000,000
11/24/98 Bank of New York 8,900,000
11/24/98 Credit Agricole 8,300,000
11/25/98 Banca Popolare di Milano 15,100,000
11/25/98 Chase Manhattan Bank 8,000,000
11/25/98 PNC Bank 9,300,000
11/25/98 PNC Bank 11,600,000
11/25/98 PNC Bank 13,700,000
11/25/98 PNC Bank 11,800,000
11/25/98 PNC Bank 4,100,000
11/25/98 Sumitomo Bank 4,800,000
11/25/98 Summit Bank 2,200,000
11/30/98 Sumitomo Bank 20,200,000
12/02/98 Banca Popolare di Milano 7,600,000
12/03/98 Sumitomo Bank 5,600,000
12/04/98 First Union National Bank 18,100,000
12/07/98 Bank of New York 1,000,000
12/07/98 PNC Bank 4,600,000
12/07/98 Union Bank of Switzerland 14,400,000
12/08/98 Chase Manhattan Bank 12,000,000
12/08/98 Credit Agricole 6,200,000
12/09/98 Banca Popolare di Milano 8,200,000
12/10/98 Banca Popolare di Milano 7,500,000
12/10/98 Banca Popolare di Milano 1,000,000
12/10/98 Sumitomo Bank 1,300,000
12/10/98 Summit Bank 8,300,000
12/11/98 PNC Bank 20,100,000
12/14/98 Credit Agricole 18,200,000
12/14/98 PNC Bank 6,700,000
12/16/98 Chase Manhattan Bank 7,300,000
-14-
<PAGE>
GPU continued-
- --------------
Date Bank Amount
- ---- ---- ------
12/16/98 Sumitomo Bank 4,900,000
12/17/98 Banca Popolare di Milano 19,600,000
12/18/98 Sumitomo Bank 1,400,000
12/21/98 Sumitomo Bank 1,100,000
12/21/98 Summit Bank 20,000,000
12/22/98 Chase Manhattan Bank 15,000,000
12/23/98 Banca Popolare di Milano 10,400,000
12/23/98 Sumitomo Bank 1,000,000
12/24/98 Banca Popolare di Milano 18,600,000
12/28/98 Banca Popolare di Milano 4,200,000
12/28/98 Chase Manhattan Bank 20,000,000
12/28/98 Sumitomo Bank 10,000,000
12/28/98 Summit Bank 1,500,000
12/29/98 Sumitomo Bank 15,000,000
JCP&L
- -----
Date Bank Amount
---- ---- ------
10/01/98 Chase Manhattan Bank 5,900,000
10/05/98 First Union National Bank 26,000,000
10/06/98 First Union National Bank 10,100,000
10/07/98 Bank of New York 600,000
10/08/98 Chase Manhattan Bank 19,800,000
10/08/98 Morgan Guaranty Trust Co. 12,100,000
10/08/98 Sumitomo Bank 2,000,000
10/09/98 Chase Manhattan Bank 12,000,000
10/09/98 Summit Bank 17,800,000
10/13/98 Fuji Bank 6,400,000
10/13/98 Morgan Guaranty Trust Co. 18,200,000
10/13/98 PNC Bank 3,600,000
10/14/98 First Union National Bank 14,000,000
10/16/98 Chase Manhattan Bank 8,000,000
10/16/98 Summit Bank 17,800,000
10/19/98 PNC Bank 16,100,000
10/20/98 Mellon Bank 20,000,000
10/21/98 Summit Bank 200,000
10/22/98 Citibank 12,200,000
10/23/98 PNC Bank 6,600,000
10/23/98 PNC Bank 3,700,000
10/26/98 Summit Bank 8,200,000
10/27/98 Credit Agricole 20,000,000
10/29/98 Mellon Bank 4,000,000
11/03/98 Chase Manhattan Bank 5,300,000
11/03/98 Credit Agricole 6,800,000
11/05/98 First Union National Bank 1,900,000
11/06/98 Sumitomo Bank 23,200,000
11/09/98 Bank of New York 5,300,000
11/09/98 PNC Bank 10,300,000
11/09/98 PNC Bank 1,000,000
11/10/98 Bank of New York 7,600,000
11/12/98 Bank of New York 3,700,000
-15-
<PAGE>
JCP&L continued
- ---------------
Date Bank Amount
---- ---- ------
11/13/98 Mellon Bank 14,700,000
11/16/98 PNC Bank 14,600,000
11/16/98 Summit Bank 7,800,000
11/17/98 Summit Bank 11,700,000
11/18/98 Chase Manhattan Bank 2,500,000
11/19/98 PNC Bank 3,300,000
11/23/98 Bank of New York 1,700,000
11/23/98 PNC Bank 9,300,000
11/24/98 PNC Bank 11,800,000
12/03/98 Bank of Pennsylvania 15,000,000
12/03/98 Sumitomo Bank 2,500,000
12/04/98 Chase Manhattan Bank 25,000,000
12/07/98 PNC Bank 21,200,000
12/08/98 Sumitomo Bank 18,900,000
12/09/98 Chase Manhattan Bank 25,000,000
12/11/98 PNC Bank 24,300,000
12/14/98 Chase Manhattan Bank 12,000,000
12/14/98 Credit Agricole 1,800,000
12/14/98 Sumitomo Bank 6,500,000
12/15/98 First Union National Bank 1,000,000
12/22/98 Chase Manhattan Bank 12,000,000
12/23/98 Summit Bank 1,400,000
12/24/98 Banca Popolare di Milano 2,900,000
12/28/98 Banca Popolare di Milano 12,800,000
12/28/98 Mellon Bank 17,200,000
12/29/98 Credit Agricole 20,000,000
Met-Ed
- ------
Date Bank Amount
---- ---- ------
10/02/98 Summit Bank 20,000,000
10/06/98 PNC Bank 21,200,000
10/07/98 Morgan Guaranty Trust Co. 5,000,000
10/07/98 PNC Bank 3,800,000
10/08/98 Bank of New York 8,100,000
10/08/98 Chase Manhattan Bank 26,700,000
10/09/98 Bank of New York 22,000,000
10/09/98 Sumitomo Bank 9,600,000
10/13/98 Fuji Bank 6,300,000
10/13/98 PNC Bank 26,200,000
10/14/98 First Union National Bank 14,600,000
10/15/98 PNC Bank 11,000,000
10/15/98 Sumitomo Bank 25,000,000
10/20/98 Chase Manhattan Bank 30,800,000
10/21/98 Bank of New York 17,700,000
10/22/98 PNC Bank 15,700,000
10/23/98 PNC Bank 13,900,000
10/26/98 PNC Bank 13,400,000
10/27/98 PNC Bank 14,700,000
10/28/98 PNC Bank 15,200,000
10/29/98 Banca Popolare di Milano 12,700,000
10/29/98 Mellon Bank 3,500,000
10/30/98 Sumitomo Bank 18,000,000
-16-
<PAGE>
Met-Ed continued
- ----------------
Date Bank Amount
---- ---- ------
11/03/98 Credit Agricole 13,200,000
11/04/98 First Union National Bank 10,000,000
11/06/98 Mellon Bank 19,200,000
11/09/98 Bank of New York 16,100,000
11/10/98 Bank of New York 5,800,000
11/10/98 First Union National Bank 4,000,000
11/10/98 PNC Bank 7,800,000
11/10/98 PNC Bank 3,400,000
11/12/98 Credit Agricole 11,700,000
11/13/98 Mellon Bank 5,300,000
11/13/98 PNC Bank 4,600,000
11/13/98 Sumitomo Bank 3,000,000
11/16/98 First Union National Bank 10,700,000
11/16/98 First Union National Bank 7,900,000
11/16/98 PNC Bank 2,200,000
11/17/98 Credit Agricole 8,300,000
11/19/98 PNC Bank 3,900,000
11/20/98 Mellon Bank 5,900,000
11/25/98 PNC Bank 3,700,000
11/30/98 Banca Popolare di Milano 1,000,000
12/02/98 Banca Popolare di Milano 13,900,000
12/02/98 Sumitomo Bank 2,600,000
12/03/98 Sumitomo Bank 11,600,000
12/04/98 Banca Popolare di Milano 7,500,000
12/04/98 Sumitomo Bank 1,300,000
12/04/98 Summit Bank 2,200,000
12/07/98 PNC Bank 2,000,000
12/08/98 Summit Bank 11,700,000
12/09/98 PNC Bank 22,800,000
12/10/98 Banca Popolare di Milano 14,300,000
12/16/98 Banca Popolare di Milano 10,400,000
12/17/98 PNC Bank 10,000,000
12/22/98 Chase Manhattan Bank 13,000,000
12/28/98 Banca Popolare di Milano 12,800,000
Penelec
- -------
Date Bank Amount
---- ---- ------
10/01/98 Chase Manhattan Bank 7,900,000
10/05/98 First Union National Bank 30,000,000
10/06/98 Bank of New York 4,500,000
10/06/98 Morgan Guaranty Trust Co. 21,800,000
10/07/98 Banca Popolare di Milano 15,100,000
10/07/98 Bank of New York 8,800,000
10/07/98 Morgan Guaranty Trust Co. 5,000,000
10/08/98 Morgan Guaranty Trust Co. 9,400,000
10/08/98 Sumitomo Bank 12,000,000
10/09/98 Fuji Bank 7,700,000
10/09/98 Mellon Bank 11,100,000
10/13/98 Banca Popolare di Milano 14,900,000
10/13/98 Mellon Bank 20,000,000
10/14/98 Credit Agricole 20,000,000
10/15/98 Banca Popolare di Milano 15,100,000
-17-
<PAGE>
Penelec continued
- -----------------
Date Bank Amount
---- ---- ------
10/15/98 Morgan Guaranty Trust Co. 10,000,000
10/16/98 PNC Bank 3,800,000
10/19/98 Merchants Natl Bank of Bangor 600,000
10/19/98 PNC Bank 1,500,000
10/20/98 Bank of New York 1,100,000
10/20/98 Morgan Guaranty Trust Co. 25,000,000
10/21/98 Bank of New York 10,000,000
10/21/98 Chase Manhattan Bank 12,000,000
10/21/98 Summit Bank 2,000,000
10/22/98 Bank of New York 5,000,000
10/22/98 Citibank 2,800,000
10/22/98 PNC Bank 5,600,000
10/22/98 Sumitomo Bank 4,200,000
10/23/98 First Union National Bank 14,600,000
10/26/98 Chase Manhattan Bank 17,800,000
10/27/98 First Union National Bank 12,600,000
10/27/98 PNC Bank 9,400,000
10/28/98 PNC Bank 2,300,000
10/28/98 PNC Bank 8,200,000
10/28/98 Sumitomo Bank 4,200,000
10/29/98 Chase Manhattan Bank 19,200,000
11/03/98 PNC Bank 28,100,000
11/04/98 Chase Manhattan Bank 4,200,000
11/04/98 PNC Bank 8,200,000
11/05/98 Banca Popolare di Milano 2,400,000
11/05/98 PNC Bank 17,600,000
11/06/98 Bank of Pennsylvania 6,000,000
11/09/98 First Union National Bank 7,900,000
11/09/98 Sumitomo Bank 3,300,000
11/10/98 Bank of New York 9,600,000
11/10/98 Credit Agricole 11,700,000
11/12/98 Bank of New York 1,100,000
11/12/98 First Union National Bank 2,100,000
11/12/98 PNC Bank 13,800,000
11/12/98 Sumitomo Bank 1,800,000
11/13/98 First Union National Bank 16,000,000
11/13/98 First Union National Bank 2,100,000
11/16/98 Mellon Bank 20,000,000
11/16/98 Summit Bank 10,000,000
11/17/98 Banca Popolare di Milano 14,900,000
11/18/98 PNC Bank 9,100,000
11/18/98 PNC Bank 4,100,000
11/19/98 Chase Manhattan Bank 13,900,000
11/20/98 PNC Bank 15,900,000
11/23/98 Sumitomo Bank 9,700,000
11/24/98 Credit Agricole 11,700,000
11/24/98 PNC Bank 11,600,000
11/30/98 Mellon Bank 14,500,000
12/04/98 Summit Bank 6,100,000
12/07/98 PNC Bank 24,200,000
12/08/98 Credit Agricole 13,700,000
12/08/98 First Union National Bank 7,900,000
12/09/98 Chase Manhattan Bank 8,000,000
-18-
<PAGE>
Penelec continued
- -----------------
Date Bank Amount
---- ---- ------
12/09/98 Sumitomo Bank 4,800,000
12/10/98 PNC Bank 5,600,000
12/16/98 Sumitomo Bank 12,400,000
12/17/98 PNC Bank 14,200,000
12/17/98 Sumitomo Bank 6,100,000
12/22/98 Chase Manhattan Bank 10,000,000
12/29/98 Merchants Natl Bank of Bangor 900,000
To summarize the above transactions, at December 31, 1998 the GPU
Companies had outstanding unsecured promissory notes pursuant to informal bank
lines of credit as follows:
GPU $69,100,000
JCP&L 53,300,000
Met-Ed 16,400,000
Penelec 31,900,000
-19-
<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 7, 1999
-20-
<PAGE>
