Filed Pursuant to Rule 433
Registration No. 333-153608-03
January 22, 2009
Jersey Central Power & Light Company
Pricing Term Sheet
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|
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| Issuer
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Jersey Central Power & Light Company |
| Anticipated Ratings*
|
|
Baa2/BBB (Moody’s/S&P) |
| Principal Amount
|
|
$300,000,000 |
| Security Type
|
|
7.35% Senior Notes Due 2019 |
| Trade Date
|
|
January 22, 2009 |
| Settlement Date
|
|
January 27, 2009; T+3 |
| Maturity Date
|
|
February 1, 2019 |
| Coupon Payment Dates
|
|
Semi-annual payments in arrears on February 1 and August 1 |
|
|
|
of each year, beginning on August 1, 2009 |
| Call Structure
|
|
Make-whole call at T+50 bps |
| Benchmark
|
|
3.75% due November 15, 2018 |
| Benchmark Price
|
|
109-23+ |
| Benchmark Yield
|
|
2.618% |
| Reoffer Spread
|
|
475 bps |
| Reoffer Yield
|
|
7.368% |
| Coupon
|
|
7.35% |
| Price
|
|
99.873% of principal amount |
| Net Proceeds (%)
|
|
99.223% |
| Net Proceeds ($)
|
|
$297,669,000 |
| Joint-Bookrunners
|
|
Greenwich Capital Markets, Inc. (25%) |
|
|
|
Morgan Stanley & Co. Incorporated (25%) |
|
|
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UBS Securities LLC (25%) |
|
|
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Wachovia Capital Markets, LLC (25%) |
| CUSIP
|
|
476556DA0 |
| ISIN
|
|
US476556DA05 |
| * Note: A securities rating is not a recommendation to buy, sell or hold
securities and may be subject to revision or withdrawal at any
time. |
|
The issuer has filed a registration statement (including a prospectus) with the
U.S. Securities and Exchange Commission (SEC) for this offering. Before you
invest, you should read the prospectus for this offering in that registration
statement, and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for
free by searching the SEC online database (EDGAR) at www.sec.gov. Alternatively,
you may obtain a copy of the prospectus from Greenwich Capital Markets, Inc. by
calling toll-free at 1-866-884-2071, Morgan Stanley & Co. Incorporated by calling
toll-free at 1-866-718-1649, UBS Securities LLC by calling toll-free at
1-877-827-6444, ext. 561-3884, or Wachovia Capital Markets, LLC by calling
toll-free at 1-800-326-5897.