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 April 1, 1998 through June 30, 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
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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 expired on June 30, 1998.
On February 25, 1998, a $5 million letter of credit was issued
in connection with the sale of a 50% limited partnership interest in Mid-Georgia
Cogen L.P.(MGC). 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 June 1, 1998, a borrowing in the amount of $3.5
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million was extended to GPU International to fund a portion of its capital
contribution to MGC (which was made through its wholly-owned subsidiaries, NCP
Houston Power, Inc. and NCP Perry, Inc.). This borrowing bore interest at 8.5
percent, which was based on LIBOR plus 50 basis points, and matured on June 4,
1998. On that date, a borrowing in the same amount ($3.5 million) was extended
to GPU International and was used for the same purpose. The borrowing bears
interest at 6.156
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percent, which is based on the LIBOR plus 50 basis points, and is scheduled to
mature on July 6, 1998.
On June 12, 1998, a borrowing in the amount of $4.0 million was extended to
GPU International to fund a portion of its investment in Ballard Generation
Systems. The borrowing bears interest at 6.156 percent, which is based on the
LIBOR plus 50 basis points, is scheduled to mature on July 13, 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
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B. L. Levy, President
GPU, INC.
By:/s/ T. G. Howson
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T. G. Howson, Vice President
and Treasurer
Dated: July 14, 1998
