Jersey Central Power & Light Company (JCP&L) recently amended its S-3 filing with the Securities & Exchange Commission, indicating that it will securitize approximately $320 million worth of stranded costs.
Goldman Sachs is lead manager on the three-part deal, with Morgan Stanley and Salomon Smith Barney as co-managers. JCP&L is a subsidiary of GPU Inc., which merged with FirstEnergy Corp. late last fall.
So far this year, there have been two stranded cost securitizations. The Public Service Co. of New Hampshire brought a $50 million deal, PSNH Funding 2, a follow-up on the utility company's first $524 million deal last April. Salomon led both New Hampshire deals. Central Power & Light brought the second stranded cost deal this year, a $800 million transaction called CPL Transition Funding 2002-1, via Goldman.
Still in the pipeline, TXU Inc. is expected to launch a $1.3 billion deal sometime this year, as well as Connectiv subsidiary Atlantic City Electric Co, which is looking at a $430 million deal
