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")
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
:
In the Matter of :
:
ENERGY INITIATIVES, INC., :
GENERAL PUBLIC UTILITIES CORPORATION, : Certificate Pursuant
: 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 Orders dated December
1, 1994 and September 15, 1995, with respect to said Application
as follows:
During the period July 1, 1995 through September 30,
1995, the following borrowings and letter of credit were
outstanding under the Credit Agreement, dated as of December 12,
1994, among EI, the banks named therein, and Citibank, N.A., as
Agent.
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a. Borrowings. On July 27, 1995, a $15,000,000 borrowing
was extended to EI. The borrowing bears interest at 6.375 percent
per annum, which is based on the LIBOR at July 27, 1995, plus 50
basis points, and matures on October 31, 1995. The $15,000,000
borrowing was used by EI to provide partial financing for
Guaracachi America, Inc.'s, (a subsidiary of EI Power, Inc.),
investment in Empresa Guaracachi, S.A..
On July 31, 1995, the maturity date of a $2,500,000
borrowing, originally scheduled to mature on July 31, 1995, was
extended to October 31, 1995. The borrowing bears interest at
6.375 percent per annum, which is based on the LIBOR at July 31,
1995, plus 50 basis points. The $2,500,000 borrowing was used as
follows: $2,000,000 for an investment in Polsky Energy
Corporation (see Order dated September 7, 1993, HCAR No. 35-
25876), and $500,000 for working capital requirements.
The three borrowings listed below were used for working
capital needs:
(1) On August 2, 1995, a borrowing in the amount of
$500,000 was extended to EI. The borrowing bears interest at
6.375 percent per annum, which is based on the LIBOR at August 2,
1995, plus 50 basis points, and was repaid on October 5, 1995.
(2) On August 16, 1995, a borrowing in the amount of
$500,000 was extended to EI. The borrowing bears interest at
6.3125 percent per annum, which is based on the LIBOR at August
21, 1995, plus 50 basis points, and matures on October 19, 1995.
(3) On September 28, 1995, a $600,000 borrowing was
extended to EI. The borrowing bears interest at 8.75 percent per
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annum, which is based on the Prime Rate at September 28, 1995,
and was repaid on October 2, 1995.
b. Letter of Credit. On August 7, 1995, a letter of
credit in the face amount of $7,000,000 was issued. The letter
of credit carries a fee equal to 1/2 of 1 percent per annum of
the face amount, plus a .10 percent fronting fee, and expires on
August 7, 1996. The purpose of the letter of credit is to support
EI's commitment to construct a 300 MW cogeneration facility
pursuant to its Power Sales Agreement with Georgia Power Company.
In addition, the letters of credit in the face amount of
$2,000,000 and $3,000,000 issued in the second quarter of 1995
were cancelled on August 14, 1995.
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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: October 10, 1995
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