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) :
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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 October 1, 1997 through December 31, 1997,
the following letter of credit and borrowing 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.
A. Letter 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 0.5 of 1 percent per annum of the face amount, plus a .10 percent
fronting fee. The letter of credit is scheduled to expire on March 1, 1998.
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The $1,788,850 letter of credit, which was issued by Citibank
pursuant to the Citibank Credit Agreement in favor of Wisconsin Public Service
Company to support Polsky Energy Corp's (PEC) commitment to construct a 236 MW
cogeneration facility, has been canceled in connection with the September 1997
redemption by PEC of all PEC shares owned by GPU International. The letter of
credit carried a fee of 0.5 of 1 percent per annum of the face amount, plus a
.10 percent fronting fee.
B. Borrowings On December 12, 1997, an aggregate of $8.2 million in
borrrowings extnded to GPU International, on various dates from November 20,
1997 through December 5, 1997, matured. The borrowings bore interest at 6.16
percent per annum, which was based on the LIBOR plus 50 basis points. Proceeds
from the borrowings were used to (1) make a $4.2 million capital contribution in
a fuel cell technology company, (2) loan $3.0 million to an affiliated company
for payment of interest expense on long-term debt, and (3) fund $1.0 million for
working capital needs. On the maturity date, GPU International refinanced the
$8.2 million in borrowings at 8.5 percent interest per annum based on the Prime
Rate and such borrowings matured by December 26, 1997.
On December 11, 1997, a borrowing in the amount of $1.5
million was extended to GPU International for working capital needs. The
borrowing bears interest at 6.16 percent per annum, which is based on the LIBOR
plus 50 basis points, and is scheduled to mature on January 9, 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:
B. L. Levy
President
GPU, INC.
By:
T. G. Howson
Vice President and Treasurer
Dated: January 14, 1998