Post-Effective Amendment No. 1
to SEC File No. 70-8495
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-1
APPLICATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ("Act")
JERSEY CENTRAL POWER & LIGHT COMPANY ("JCP&L")
300 Madison Avenue
Morristown, New Jersey 07962
JCP&L PREFERRED CAPITAL, INC.
Mellon Bank Center
Second Floor
919 N. Market Street
Wilmington, Delaware 19801
(Names of companies filing this statement and addresses
of principal executive offices)
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")
(Name of top registered holding company parent of applicant)
T.G. Howson, Vice President and Douglas E. Davidson, Esq.
Treasurer Berlack, Israels & Liberman
M. A. Nalewako, Secretary 120 West 45th Street
GPU Service Corporation New York, New York 10036
100 Interpace Parkway
Parsippany, New Jersey 07054
Richard S. Cohen, Esq.,
Secretary
Jersey Central Power & Light
Company
300 Madison Avenue
Morristown, New Jersey 07962
(Names and addresses of agents for service)<PAGE>
JCP&L hereby post-effectively amends its Application on Form
U-1, as heretofore amended, docketed in SEC File No. 70-8495, as
follows:
1. By Order dated March 6, 1995 (HCAR No. 35-26246),
the Commission, among other things, authorized JCP&L Capital,
L.P., a special purpose limited partnership subsidiary of JCP&L
("JCP&L Capital"), to issue and sell to the public through
negotiated transactions with one or more underwriters up to $125
million aggregate stated value of preferred limited partnership
interests, in the form of monthly income preferred securities,
$25 per security stated value ("Preferred Securities"), the
proceeds of which, together with the equity contribution in
respect of JCP&L Capital's general partnership interest, are to
be applied to the purchase of JCP&L's Subordinated Debentures.
2. On May 11, 1995, JCP&L and JCP&L Capital entered
into an underwriting agreement ("Underwriting Agreement") with a
group of underwriters ("Underwriters"), represented by Merrill
Lynch & Co., Goldman, Sachs & Co., Dean Witter Reynolds Inc.,
A.G. Edwards & Sons, Inc., Morgan Stanley & Co. Incorporated and
PaineWebber Incorporated, providing for the issuance and sale of
$125,000,000 stated value of Preferred Securities. Pursuant to
the Underwriting Agreement, the several Underwriters have agreed
to purchase 5,000,000 Preferred Securities, having a stated
distribution (or dividend) rate of 8.56%, at a price equal to the
stated value thereof, or an aggregate purchase price of
$125,000,000. The Underwriting Agreement further provides that
JCP&L will pay the Underwriters a commission not in excess of
$.7875 per security (or aggregate commissions of $3,937,500),
1<PAGE>
which represent 3.15% of the purchase price per security.
However, such commission will be $.50 per security sold to
certain institutions, thus reducing the aggregate compensation
specified above.
3. JCP&L respectfully requests that the Commission
issue a supplemental order authorizing the issuance and sale of
the 5,000,000 Preferred Securities to the Underwriters upon the
terms and conditions herein set forth at the earliest possible
date.
2<PAGE>
SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY
HOLDING COMPANY ACT OF 1935, THE UNDERSIGNED COMPANY HAS DULY
CAUSED THIS STATEMENT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
JERSEY CENTRAL POWER & LIGHT COMPANY
By:
Terrance G. Howson, Vice
President and Treasurer
JCP&L PREFERRED CAPITAL, INC.
By:
Terrance G. Howson, Vice
President and Treasurer
Date: May 11, 1995<PAGE>
