Amendment No. 7 to
SEC File No. 70-9599
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM U-1
APPLICATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ("Act")
GPU, INC. ("GPU")
GPX Acquisition Corp.
300 Madison Avenue
Morristown, New Jersey 07962
- --------------------------------------------------------------------------------
(Names of companies filing this statement and
addresses of principal executive offices)
GPU, INC.
- --------------------------------------------------------------------------------
(Name of top registered holding company parent of applicants)
S.L. Guibord, Secretary Douglas E. Davidson, Esq.
M.J. Connolly, Vice President- Berlack, Israels & Liberman LLP
Law 120 West 45th Street
D.C. Brauer, Vice President New York, New York 10036
GPU Service, Inc.
300 Madison Avenue
Morristown, New Jersey 07962
- --------------------------------------------------------------------------------
(Names and addresses of agents for service)
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GPU and its wholly-owned subsidiary, GPX Acquisition Corp.
("Acquisition Corp." and, together with GPU, "Applicants"), hereby amend their
Application on Form U-1, as heretofore amended, docketed in SEC File No.
70-9599, as follows:
1. By filing the additional exhibit in Item 6 thereof.
H-1(a) Revised GPU Capitalization and Capitalization
Ratios as at December 31, 1999, actual and pro
forma.
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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.
By: /s/ T. G. Howson
----------------------------
T.G. Howson, Vice President
and Treasurer
GPX ACQUISITION CORP.
By: /s/ T. G. Howson
---------------------------
T.G. Howson, Treasurer
Date: April 13, 2000
- 2 -
EXHIBIT TO BE FILED BY EDGAR
Exhibit:
H-1(a) Revised GPU Capitalization and Capitalization
Ratios as at December 31, 1999, actual and pro
forma.
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<CAPTION>
EXHIBIT H-1(a)
GPU, INC. CONSOLIDATED
ACTUAL AND PRO FORMA CAPITALIZATION
(IN THOUSANDS)
The actual and pro forma capitalization of
GPU, Inc. and Subsidiary Companies at
December 31, 1999 is as follows:
Actual Pro Forma (1)
Amount % Amount %
---------- ----- --------- -----
<S> <C> <C> <C> <C>
Long-term debt $6,420,910 56.0% $5,365,228 56.5%
Notes payable 1,171,869 10.2% 375,832 4.0%
Trust preferred securities 200,000 1.7% 200,000 2.1%
Subsidiary-oblidgated mandatorily
redeemable
preferred securities 125,000 1.1% 125,000 1.3%
Preferred stock 96,649 0.8% 96,649 1.0%
Common Equity 3,464,953 30.2% 3,339,953 35.1%
---------- ----- --------- -----
Total $11,479,381 100.0% $9,502,662 100.0%
<FN>
(1) Reflects the following adjustments:
(a) The sale in May 2000 of GPU Powernet and GPU Gasnet for their book value of
$2,389 million (which amount includes the related acquisition and other
debt). GPU has selected a "short list" of bidders for the assets. Final,
binding and unconditional bids are scheduled to be received on May 5, 2000,
and execution of definitive sale agreements is scheduled for May 8, 2000,
with the closings to occur as soon thereafter in May as practicable.
(b) GPU's acquisition of MYR Group Inc., for $225 million (including $10
million for estimated transaction costs) in cash for which authorization is
being sought in SEC File No. 70-9599.
(c) The issuance through a JCP&L affiliate of asset securitization bonds for up
to a maximum of $587 million in the third quarter of 2000.
(d) GPU common stock repurchases of up to $125 million from time to time as
subject to favorable market conditions following the sale of the Australian
assets.
</FN>
1
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<TABLE>
<CAPTION>
EXHIBIT H-1(a)
GPU ENERGY SUBSIDIARIES
ACTUAL AND PRO FORMA CAPITALIZATION
(IN THOUSANDS)
The actual and pro forma capitalization of JCP&L,
Met-Ed, and Penelec Companies at
December 31, 1999 are as follows:
JCP&L
Actual Pro Forma (1)
-------------------
Capitalization Amount % Amount %
-------------- ---------- ---- ------------- ------
<S> <C> <C> <C> <C> <C>
Long-term debt $1,173,773 42.2% $1,561,773 52.6%
Notes payable - 0.0% - 0.0%
Trust preferred securities - 0.0% - 0.0%
Subsidiary-oblidgated mandatorily
redeemable
preferred securities 125,000 4.5% 125,000 4.2%
Preferred stock 96,649 3.5% 96,649 3.3%
Common Equity 1,385,367 49.8% 1,185,367 39.9%
---------- ---- ------------- ------
Total $2,780,789 100.0% $2,968,789 100.0%
<FN>
(1) - Includes the Asset Securitization Issuance of $587 million less a paydown
on debt of $199 million.
</FN>
2
</TABLE>
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<TABLE>
<CAPTION>
EXHIBIT H-1(a)
Met-Ed
Actual Pro Forma
-----------------
Capitalization Amount % Amount %
-------------- ---------- ---- ------------- ------
<S> <C> <C> <C> <C> <C>
Long-term debt $546,908 47.6% $596,908 52.0%
Notes payable - 0.0% 105,000 9.1%
Trust preferred securities 100,000 8.7% 100,000 8.7%
Subsidiary-oblidgated
mandatorily redeemable
preferred securities - 0.0% - 0.0%
Preferred stock - 0.0% - 0.0%
Common Equity 501,417 43.7% 346,417 30.2%
---------- ---- ------------- ------
Total $1,148,325 100.0% $1,148,325 100.0%
Penelec
Actual Pro Forma
-------------------
Capitalization Amount % Amount %
-------------- ---------- ---- ------------- ------
<S> <C> <C> <C> <C> <C>
Long-term debt $424,654 40.9% $474,654 45.7%
Notes payable 53,600 5.2% 148,600 14.3%
Trust preferred securities 100,000 9.6% 100,000 9.6%
Subsidiary-oblidgated
mandatorily redeemable
preferred securities - 0.0% - 0.0%
Preferred stock - 0.0% - 0.0%
Common Equity 461,182 44.4% 316,182 30.4%
---------- ---- ------------- ------
Total $1,039,436 100.0% $1,039,436 100.0%
3
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