SEC File No. 70-8369
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
CERTIFICATE PURSUANT TO
RULE 24
OF PARTIAL COMPLETION OF
TRANSACTIONS
ENERGY INITIATIVES, INC. ("EI")
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
:
In the Matter of :
:
ENERGY INITIATIVES, INC., :
GENERAL PUBLIC UTILITIES CORPORATION, : Certificate Pursuant to
: to Rule 24 of Partial
SEC File No. 70-8369 : Completion of
(Public Utility Holding Company Act : Transactions
of 1935) :
________________________________________:
TO THE MEMBERS OF THE SECURITIES AND EXCHANGE COMMISSION:
The undersigned, Energy Initiatives, Inc. ("EI") and
General Public Utilities Corporation ("GPU"), do hereby certify,
pursuant to Rule 24 of the General Rules and Regulations under
the Public Utility Holding Company Act of 1935 (the "Act") that
certain of the transactions proposed in the Application, as
amended, filed in SEC File No. 70-8369, have been carried out in
accordance with the terms and conditions of, and for the purposes
requested in, said Application and pursuant to the Commission's
Order dated May 17, 1994, and Supplemental Order dated December
1, 1994, with respect to said Application as follows:
1. On December 12, 1994, EI entered into a Credit
Agreement, dated as of December 12, 1994 (the "Credit
Agreement"), with a group of commercial banks (the "Lenders") for
which Citibank, N.A. is agent. The Credit Agreement provides,
among other things, for revolving credit borrowings by EI from
time to time through December 12, 1997, subject to extension for
one year in the sole discretion of the Lenders, in amounts not to
1<PAGE>
exceed an aggregate of $30 million outstanding at any one time.
The Credit Agreement also includes a letter of credit ("L/C")
facility, pursuant which EI may request any Lender to issue an
L/C, in a maximum aggregate face amount for all L/Cs outstanding
of up to $15 million. The aggregate amount that EI may borrow
under the Credit Agreement is reduced by the face amount of
outstanding L/Cs.
2. Notes issued under the Credit Agreement ("Notes")
bear interest at either (i) the higher of Citibank, N.A.'s prime
rate and the Federal Funds rate plus 50 basis points, or (ii) the
interest rate per annum at which deposits in U.S. dollars are
offered by the principal office of the reference bank (initially,
Citibank, N.A.) in London, England to prime banks in the London
interbank market, plus additional costs for reserves, if
applicable, plus 50 basis points.
3. At December 31, 1994, EI had no borrowing and no
L/Cs outstanding under the Credit Agreement.
2<PAGE>
SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY HOLDING
COMPANY ACT OF 1935, THE UNDERSIGNED COMPANIES HAVE CAUSED THIS
STATEMENT TO BE SIGNED ON THEIR BEHALF BY THE UNDERSIGNED
THEREUNTO DULY AUTHORIZED.
ENERGY INITIATIVES, INC.
By:_________________________
B. L. Levy, President
GENERAL PUBLIC UTILITIES CORPORATION
By:________________________________
T. G. Howson, Vice President
and Treasurer
Dated: January 10, 1995<PAGE>
