SEC File No. 70-8369
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
CERTIFICATE PURSUANT TO
RULE 24
OF PARTIAL COMPLETION OF
TRANSACTIONS
GPU INTERNATIONAL, INC.
GPU, INC.
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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:
In the Matter of :
:
GPU INTERNATIONAL, INC., :
GPU, INC., : 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, GPU International, Inc. (GPU International)
and GPU, Inc. (GPU), do hereby certify, pursuant to Rule 24 of the General Rules
and Regulations under the Public Utility Holding Company Act of 1935, 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, 1998 through March 31, 1998, the
following letters of credit and borrowings were outstanding under the Credit
Agreement, dated as of December 12, 1994 and amended on October 5, 1995, and
further modified and supplemented as of December 1, 1997, among GPU
International, the banks named therein, and Citibank, N.A., as Agent.
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A. 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. The letter of credit was scheduled to expire on March 1, 1998, but
has been extended to June 30, 1998.
On February 25, 1998, a $5 million letter of credit was issued
in connection with the sale of a 50 percent limited partnership interest in
Mid-Georgia Cogen L.P. 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 31, 1999. At closing, the letter of credit was delivered as
security for GPU International's indemnification of the buyer against any and
all damages which may be sustained out of any breach of representation,
warranty, covenant or agreement made or given by GPU International to the buyer.
B. Borrowings On January 13, 1998, GPU International refinanced a
borrowing in the amount of $1.5 million which was used for working capital
needs. The borrowing bore interest at 6.09 percent per annum and matured on
February 13, 1998. At maturity this borrowing was refinanced and bore
interest at 6.09 percent through February 20, 1998. On that date, the borrowing
was refinanced at 6.125 percent and matured on February 23, 1998.
Interest was based on LIBOR plus 50 basis points.
On January 26, 1998, a borrowing in the amount of $0.5 million
was extended to GPU International for working capital needs. The borrowing bore
interest at 6.09 percent per annum, which was based on LIBOR plus 50 basis
points, and matured on February 26, 1998.
On January 30, 1998, a borrowing in the amount of $1.0 million
was extended to GPU International. The proceeds from this loan were used to fund
$0.3 million working capital needs and to loan $0.7 million to an affiliated
company for working capital needs. The borrowing bore interest at 6.09 percent
per annum, which was based on LIBOR plus 50 basis points, and matured on
February 26, 1998.
On February 6, 1998, a borrowing in the amount of $3.0 million
was extended to GPU International which was loaned to an affiliated company for
payment of interest expense on long-term debt. Interest on the GPU International
borrowing bore interest at 6.125 percent, which was based on LIBOR plus 50 basis
points, and matured on March 6, 1998.
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SIGNATURE
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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.
GPU INTERNATIONAL, INC.
By:/s/ B. L. Levy
B. L. Levy
President
GPU, INC.
By:/s/ T. G. Howson
T. G. Howson
Vice President and Treasurer
Dated: April 15, 1998
