SECURITIES AND EXCHANGE COMMISSION
Washington, DC
FORM U-6B-2
Certificate of Notification
Certificate is filed by: Ohio Edison Company ("Ohio Edison"), a subsidiary
of FirstEnergy Corp., a registered holding company, pursuant to Rule U-20(d) and
Rule U-52(c) adopted under the Public Utility Holding Company Act of 1935.
This certificate is notice that the above named company has issued,
renewed or guaranteed the security or securities described herein which issue,
renewal or guaranty was exempted from the provisions of Section 6(a) of the Act
and was neither the subject of a declaration or application on Form U-1 nor
included within the exemption provided by Rule U-48.
1. Type of securities:
Pursuant to a Reimbursement Agreement dated as of April 5, 2002 among Ohio
Edison, Barclays Bank, PLC ("Barclays"), as Joint Lead Arranger, Fronting
Bank and Administrative Agent, Union Bank of California, N.A., as Joint
Lead Arranger and Syndication Agent, and the Participating Banks named
therein, a letter of credit (the "Letter of Credit") was issued by
Barclays in favor of the Owner Participant (as defined in Item 3 below),
as provided for in the Participation Agreement dated as of September 15,
1987, as amended to the date hereof, among (i) the Owner Participant, (ii)
BVPS Funding Corporation, (iii) BVPS II Funding Corporation, (iv) the
Owner Trustee, under the Trust Agreement dated as of September 15, 1987
with the Owner Participant, (v) The Bank of New York (as successor to
Irving Trust Company), as Indenture Trustee, under the Trust Indenture,
Mortgage, Security Agreement and Assignment of Lease dated as of September
15, 1987 with the Owner Trustee and (vi) the Company, relating to the
ownership and lease of an undivided interest in the Beaver Valley Power
Station Unit 2 located in the borough of Shippingport and Beaver County,
Pennsylvania, through a trust for the benefit of the Owner Participant,
which interest was leased to the Company pursuant to a Facility Lease
dated as of September 15, 1987 (as amended to the date hereof, the
"Facility Lease"), between the Owner Trustee and the Company. The Company
is required to maintain an irrevocable letter of credit in support of
certain of its obligations under such Facility Lease.
2. Issue, renewal or guaranty:
Issue.
3. Principal amount of each security:
The Letter of Credit was issued with a maximum drawing amount of
$56,846,433.15, declining semiannually, in favor of Security Pacific
Capital Leasing Corporation, as Owner Participant.
4. Rate of interest per annum of each security:
Drawings under the Letter of Credit not immediately reimbursed by Ohio
Edison to the Fronting Bank bear interest at either an Alternate Base Rate
or a Eurodollar Rate. As of the date hereof, such rates would be 4.75% and
3.185% per annum, respectively.
5. Date of issue, renewal or guaranty of each security:
April 5, 2002
6. If renewal of security, give date of original issue:
Not Applicable.
7. Date of maturity of each security:
April 5, 2005
8. Name of the person to whom each security was issued, renewed or
guaranteed:
The Letter of Credit was issued for the account of the Company in favor of
the Owner Participant listed above in Item 3.
9. Collateral given with each security:
None.
10. Consideration given for each security:
None.
11. Application of proceeds of each security:
Not Applicable.
12. Indicate by a check after the applicable statement below whether the
issue, renewal or guaranty of each security was exempt from the provisions
of Section 6(a) because of:
(a) the provisions contained in the first sentence of Section 6(b) [ ]
2
(b) the provisions contained in the fourth sentence of Section 6(b) [ ]
(c) the provisions contained in any rule of the Commission other than
Rule U-48 [x]
13. If the security or securities were exempt from the provisions of Section
6(a) by virtue of the first sentence of Section 6(b), give the figures
which indicate that the security or securities aggregate (together with
all other then outstanding notes and drafts of a maturity of nine months
or less, exclusive of days of grace, as to which such company is primarily
or secondarily liable) not more than 5 percentum of the principal amount
and par value of the other securities of such company then outstanding.
(Demand notes, regardless of how long they may have been outstanding,
shall be considered as maturing in not more than nine months for purposes
of the exemption from Section 6(a) of the Act granted by the first
sentence of Section 6(b)):
Not applicable.
14. If the security or securities are exempt from the provisions of Section
6(a) because of the fourth sentence of Section 6(b), name the security
outstanding on January 1, 1935, pursuant to the terms of which the
security or securities herein described have been issued:
Not applicable.
15. If the security or securities are exempt form the provisions of Section
6(a) because of any rule of the Commission other than Rule U-48, designate
the rul under which exemption is claimed.
Rule 52.
OHIO EDISON COMPANY
By:______________________________
Thomas Navin
Treasurer
Date: April 15, 2002
3