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 January 1, 1996 through March 31, 1996, the
following borrowings and letters 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.
a. Borrowings. On January 31, 1996, the $1,500,000 borrowing
extended to EI on December 29, 1995, to provide partial financing for
Guaracachi America, Inc.'s (a subsidiary of EI Power, Inc.), investment in
Empresa Guaracachi, S.A., matured. The borrowing bore interest at 6.25 percent
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per annum, which was based on the LIBOR at December 29, 1995, plus 50 basis
points.
On February 13, 1996, a borrowing in the amount of $8,000,000 was
extended to EI which was loaned to EI Energy, Inc. (a wholly-owned subsidiary
of GPU) which in turn used the funds to purchase stock in a foreign utility
company. The borrowing bears interest at 5.8125 percent per annum, which is
based on the LIBOR at February 13, 1996, plus 50 basis points. On March 15,
1996, the date on which the borrowing was originally scheduled to mature, was
extended to April 15, 1996.
On February 27, 1996, a borrowing in the amount of $500,000 was extended
to EI for working capital needs. The borrowing bears interest at 8.25 percent
per annum, which is based on the Prime Rate at February 27, 1996, and was
repaid on March 4, 1996.
b. Letters of Credit. On February 26, 1996, a letter of credit in
the face amount of $30,000 was issued to support a bid for a 500 MW coal-fired
generating plant in Punjab State, India. 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 May 26, 1997.
On December 8, 1995, a letter of credit in the face amount of $1,788,850
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
December 8, 1996. The purpose of the letter of credit is to support Polsky
Energy Corp's (PEC) commitment to construct a 236 MW cogeneration facility
pursuant to its power sales agreement with Wisconsin Public Service Co. EI is
the joint developer, along with PEC, of this project.
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 the Power
Sales Agreement with Georgia Power Company.
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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
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