UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Corporate Office Properties Trust
----------------------------------
(Name of Issuer)
Common Shares of Beneficial Interest
(par value $0.01 per share)
Series A Convertible Preferred Shares of Beneficial Interest
(par value $0.01 per share)
--------------------------------------------------------------
(Title of Class of Securities)
22002T108
--------------
(CUSIP Number)
Dan R. Skowronski, Esquire
General Counsel and Secretary
Constellation Holdings, Inc.
250 West Pratt Street, 23rd Floor
Baltimore, Maryland 21201-2423
(410) 783-2800
--------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 22, 1998
------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement of Schedule 13G to report
the acquisition which is the subject of the Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Page 1 of 14
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 22002T108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Baltimore Gas and Electric Company
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 52-0280210
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 6,700,557*
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 6,700,557*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,700,557*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*Common Shares of Beneficial Interest of the Issuer
Represents Common Shares held by Constellation Properties, Inc.
Page 2 of 14
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 22002T108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Baltimore Gas and Electric Company
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 52-0280210
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 938,075*
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 938,075*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
938,075*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*Series A Convertible Preferred Shares of Beneficial Interest of the Issuer
Represents Series A Convertible Preferred Shares held by
Constellation Properties, Inc.
Page 3 of 14
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 22002T108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Constellation Enterprises, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 52-2080643
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 6,700,557*
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 6,700,557*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,700,557*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*Common Shares of Beneficial Interest of the Issuer
Represents Common Shares held by Constellation Properties, Inc.
Page 4 of 14
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 22002T108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Constellation Enterprises, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 52-2080643
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 938,075*
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 938,075*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
938,075*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*Series A Convertible Preferred Shares of Beneficial Interest of the Issuer
Represents Series A Convertible Preferred Shares held by
Constellation Properties, Inc.
Page 5 of 14
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 22002T108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Constellation Properties, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 52-1237835
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 6,700,557*
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 6,700,557*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,700,557*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*Common Shares of Beneficial Interest of the Issuer
Page 6 of 14
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 22002T108
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Constellation Properties, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 52-1237835
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 938,075*
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 938,075*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
938,075*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*Series A Convertible Preferred Shares of Beneficial Interest of the Issuer
Page 7 of 14
<PAGE>
This Amendment No. 1 to the statement on Schedule 13D is being filed
pursuant to Section 13(d) of the Securities Exchange Act of 1934 and the rules
and regulations promulgated thereunder. This Amendment No. 1 amends only Items
3, 4 and 5 of the statement. This Amendment No. 1 restates the entire text of
the Schedule 13D previously filed with the Securities and Exchange Commission,
other than the text of the exhibits previously filed pursuant to Item 7 of the
statement.
Item 1. Security and Issuer.
This Amendment No. 1 to the statement on Schedule 13D relates to Common
Shares of Beneficial Interest, par value $0.01 per share (the "Common Shares"),
of Corporate Office Properties Trust, a Maryland real estate investment trust
(the "Issuer"), and Series A Convertible Preferred Shares of Beneficial
Interest, par value $0.01 per share (the "Preferred Shares"), of the Issuer. The
Issuer has its principal executive offices at One Logan Square, Suite 1105,
Philadelphia, Pennsylvania 19103.
Item 2. Identity and Background.
This Amendment No. 1 to the statement on Schedule 13D is being filed on
behalf of Baltimore Gas and Electric Company ("BGE"), Constellation Enterprises,
Inc. ("CEI") and Constellation Properties, Inc. ("CPI") (collectively, the
"Reporting Persons"). BGE is a Maryland corporation and has its principal
business and executive offices at 39 West Lexington Street, Baltimore, Maryland
21201. BGE is primarily engaged in the gas and electric utility business. The
Common Shares and the Preferred Shares are owned of record by CPI, which is a
wholly owned subsidiary of Constellation Real Estate Group, Inc. ("CREG"), which
is a wholly owned subsidiary of Constellation Holdings, Inc. ("CHI"), which is a
wholly owned subsidiary of CEI, which is a wholly owned subsidiary of BGE. Each
of CPI, CREG, CHI and CEI is a Maryland corporation and has its principal
executive and business offices at 250 West Pratt Street, Baltimore, Maryland
21201-2423.
None of the Reporting Persons have, during the last five years, (i) been
convicted in a criminal proceeding (excluding minor traffic violations or
similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction a result of which it was or is
subject to a judgment, decree or final order enjoining future violations of,. or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
CPI acquired the securities of the Issuer pursuant to (i) the Contribution
Agreement (the "Contribution Agreement") dated as of May 14, 1998, by and among
the entities listed as sellers therein and Corporate Office Properties, L.P. and
the Issuer, as amended on July 16, 1998 and September 28, 1998; and (ii) the
Service Company Asset Contribution Agreement (the "Asset Contribution
Agreement") dated May 14, 1998, by and among Constellation Real Estate, Inc.,
KMS Oldco, Inc., CREG, Corporate Office Properties, L.P. and the Issuer. On
September 28, 1998, BGE, through its subsidiaries, contributed real property,
interests in entities that own real property and a mortgage, and other assets to
the Issuer in exchange for cash, assumption of $59.6 million of indebtedness,
Page 8 of 14
6,182,634 Common Shares and 865,566 Preferred Shares of the Issuer. The
Preferred Shares do not entitle the holder thereof to any vote, except (i) as
required by applicable law, (ii) in connection with an amendment to the Issuer's
Declaration of Trust that would amend, alter or repeal any of the rights,
preferences or powers of the Preferred Shares or (iii) the right to designate up
to two members of the Board of Trustees as described below. The Preferred Shares
are convertible, beginning two years after the closing of the transactions
contemplated by the Contribution Agreement and the Asset Contribution Agreement
(the "Transaction"), into Common Shares on the basis of 1.8748 Common Shares for
each Preferred Share, subject to adjustment upon certain events, in accordance
with the terms and provisions of the Articles Supplementary of the Issuer
relating to such Preferred Shares filed with the State Department of Assessments
and Taxation of Maryland.
On October 22, 1998, pursuant to the Contribution Agreement and the Asset
Contribution Agreement, BGE, through its subsidiaries, contributed interests in
an entity that owns real property and other assets to the Issuer in exchange for
approximately $9.5 million which was used to pay off outstanding debt, 517,923
Common Shares and 72,509 Preferred Shares.
Item 4. Purpose of Transaction.
CPI, acquired the securities of the Issuer as an investment and in
consideration of the assets transferred to the Issuer as described in Item 3
above. After the September 28, 1998 closing of the Transaction, the Issuer
expanded its Board of Trustees from seven to nine, and the Issuer elected
thereto Edward A. Crooke, Chairman of Constellation Enterprises, Inc. and Vice
Chairman of BGE, and Steven D. Kesler, President of Constellation Investments,
Inc., each of whom were designated by CPI in accordance with its rights as the
holder of Preferred Shares. Mr. Crooke is a Class III Trustee whose term expires
in 2001, and Mr. Kesler is a Class II Trustee whose term expires in 2000. If any
member of the Board of Trustees designated by CPI withdraws for any reason, CPI
will have the right to designate such withdrawing Trustee's replacement.
Thereafter, CPI will be entitled to designate two Trustees as long as it owns
any Preferred Shares and at least 30% of the Issuer's outstanding Common Shares,
and will be entitled to designate one Trustee as long as it owns any Preferred
Shares and less than 30% but more than 15% of the outstanding Common Shares. The
foregoing calculations include as outstanding the Common Shares owned by CPI as
well as the Common Shares issuable upon conversion of Preferred Shares owned by
CPI. Moreover, if the Issuer fails at any time or from time to time to pay when
due two consecutive quarterly dividend payments on the Preferred Shares, then
the holders of the Preferred Shares will be entitled to elect two additional
members to the Board of Trustees of the Issuer to serve until all accrued and
unpaid dividends on the Preferred Shares have been paid in full.
The Issuer has granted registration rights with regard to the Common Shares
to CPI in exchange for the consideration described in Item 3 above, pursuant to
the Registration Rights Agreement dated September 28, 1998, by the Issuer and
certain persons named therein. Within six months after the September 28, 1998
closing of the Transaction, the Issuer is obligated to file a shelf registration
statement with regard to the Common Shares issued in the Transaction, as well as
the Common Shares issuable upon conversion of the Preferred Shares (the
"Registrable Securities"). The Issuer is also required, at the demand of holders
of 10% or more of the Registrable Securities, to register
Page 9 of 14
such holders' Registrable Securities, subject to the right to defer the filing
of the necessary registration statement for a period not to exceed 90 days under
certain limited circumstances. In addition, the Issuer has granted the holders
of the Registrable Securities "piggy-back" rights.
After the closing of the Transaction, Jay H. Shidler remains as Chairman
and Clay W. Hamlin, III remains as Chief Executive Officer of the Issuer.
Randall M. Griffin, formerly President of CREG, became President and Chief
Operating Officer of the Issuer. In addition, Roger A. Waesche, Jr., formerly
Senior Vice President of Finance of Constellation Real Estate, Inc., became
Senior Vice President-Finance of the Issuer and John H. Gurley, formerly Vice
President and General Counsel of Constellation Real Estate, Inc. became Vice
President and General Counsel of the Issuer.
Following the October 22, 1998 closing of the Transaction, the Issuer
expects to close on an additional property held by CPI or its affiliates that is
currently under construction. The closing of the property is expected to occur
on the earlier of March 31, 1999 or the date on which certain occupancy levels
are achieved on the property. The total consideration to be paid by the Issuer
for the properties will include, inter alia, approximately $4.7 million in
Common Shares and/or Preferred Shares.
Except as set forth above, the Reporting Persons do not have as of the date
hereof any plans or proposals that relate to or would result in: (i) the
acquisition of additional securities of the Issuer or the disposition of
securities of the Issuer; (ii) an extraordinary corporate transaction, such as a
merger, reorganization or liquidation involving the Issuer or any of its
subsidiaries; (iii) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries; (iv) any change in the present Board of
Trustees or management of the Issuer, including any plans or proposals to change
the number or term of trustees or to fill any vacancies of the Board; (v) any
material change in the present capitalization or dividend policy of the Issuer;
(vi) any other material change in the Issuer's business or corporate structure;
(vii) any changes in the Issuer's declaration of trust, by-laws or instruments
corresponding thereto or other actions which may impede the acquisition of
control of the Issuer by any person; (viii) causing a class of securities of the
Issuer to be delisted from a national securities exchange or to cease to be
authorized to be quoted in an inter-dealer quotation system of a registered
national securities association; (ix) causing a class of securities of the
Issuer to become eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934; or (x) any action similar to
any of those enumerated above. Notwithstanding anything to the contrary
contained herein, the Reporting Persons reserve the right to change their
present intentions with respect to the matters described in this paragraph.
Item 5. Interest in Securities of Issuer.
Based upon the Issuer's Quarterly Report on Form 10-Q for the quarterly
period ended June 30, 1998 filed with the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as of October 22, 1998, 16,471,640
Common Shares are issued and outstanding and 938,075 Preferred Shares are issued
and outstanding. The Reporting Persons have sole power to vote and dispose of
6,700,557 Common Shares, which constitutes 40.7% of the outstanding Common
Shares, and 938,075 Preferred Shares, which constitutes 100% of the outstanding
Preferred Shares.
Page 10 of 14
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Other than as listed below, there are presently no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons filing
this Amendment No. 1 to the Schedule 13D, or between such persons and any other
person, with respect to any securities of the Issuer, including, but not limited
to, transfer or voting of any securities, finder's fees, joint ventures, loan or
option arrangements, puts or calls, guarantees or profits, division of profits
or loss, or the giving or withholding of proxies.
The Issuer has granted registration rights with regard to the Common Shares
to CPI in exchange for the consideration described in Item 3 above, pursuant to
the Registration Rights Agreement dated September 28, 1998, by the Issuer and
certain persons named therein. Within six months after the closing of the
Transaction, the Issuer is obligated to file a shelf registration statement with
regard to the Registrable Securities. The Issuer is also required, at the demand
of holders of 10% or more of the Registrable Securities, to register such
holders' Registrable Securities, subject to the right to defer the filing of the
necessary registration statement for a period not to exceed 90 days under
certain limited circumstances. In addition, the Issuer has granted the holders
of the Registrable Securities "piggy-back" rights.
Item 7. Material to be filed as Exhibits
None.
Page 11 of 14
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 23, 1998
BALTIMORE GAS AND ELECTRIC COMPANY
By: /s/ David A. Brune
Name: David A. Brune
x Title: Vice President, Finance and
Accounting, Chief Financial Officer
and Secretary
Page 12 of 14
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 23, 1998
CONSTELLATION ENTERPRISES, INC.
By: /s/ David A. Brune
Name: David A. Brune
Title: Vice President,
Chief Financial Officer and
Secretary
Page 13 of 14
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 23, 1998
CONSTELLATION PROPERTIES, INC.
By: /s/ Dan R. Skowronski
Name: Dan R. Skowronski
Title: General Counsel and Secretary
Page 14 of 14
