Amendment No. 2 to
SEC File No. 70-8403
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-1
APPLICATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ("Act")
PENNSYLVANIA ELECTRIC COMPANY ("PENELEC")
1001 Broad Street
Johnstown, Pennsylvania 15907
(Name of company filing this statement and address
of principal executive office)
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")
(Name of top registered holding company parent of applicant)
Don W. Myers, 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
William C. Matthews, Esq., Robert C. Gerlach, Esq.
Secretary Ballard Spahr Andrews &
Pennsylvania Electric Company Ingersoll
1001 Broad Street 1735 Market Street
Johnstown, Pennsylvania 15907 Philadelphia, Pennsylvania 19103
(Names and addresses of agents for service)
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Penelec hereby amends its Application on Form U-1, docketed
in SEC File No. 70-8403, as follows:
1. By amending the first sentence of paragraph D of Item 1
thereof to read in its entirety as follows:
A. Each Note or Subordinated Debenture will have
a term of up to 50 years.
2. By adding a new paragraph L to Item 1 thereof to read
in its entirety as follows:
L. Penelec may acquire all of the
common stock of Investment Sub for a nominal
consideration and may capitalize Investment
Sub with a demand promissory note in the
principal amount of up to 10% of the total
capitalization of Penelec Capital from time
to time, or up to an initial principal amount
of $13 million. If Penelec Capital is
organized as a limited partnership,
Investment Sub may also acquire up to a 3%
general partnership interest in Penelec
Capital. The amount of such capital
contribution (up to $4.0 million), together
with the gross proceeds received by Penelec
Capital from the issuance and sale of the
MIPS (i.e., a maximum of $125 million), would
be applied by Penelec Capital to acquire
Penelec's Subordinated Debentures. The total
1
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equity contributions by Penelec to Penelec
Capital would not exceed $35 million.
In addition, Penelec may acquire a
separate class of limited partnership
interest in Penelec Capital for a nominal
consideration to ensure that Penelec Capital
will at all times have a limited partner as
required by the Delaware Revised Uniform
Limited Partnership Act.
2
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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.
PENNSYLVANIA ELECTRIC COMPANY
By:
Don W. Myers, Vice President
and Treasurer
Date: May 6, 1994
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