Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 170

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 8
Chunk 170
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 amount of $50 million that will bear interest from its issuance date at an annual rate of 5.72%; and

•a series, due in 2055, in the amount of $200 million that will bear interest from its issuance date at an annual rate of 5.84%. 

On November 14, 2024, PGE drew a $220 million loan under a 366-day term loan agreement. On December 31, 2024, PGE repaid $50 million of the term loan and, on March 31, 2025, the Company repaid another $102 million, leaving an outstanding balance of $68 million.

Equity. In July 2024, PGE entered into an equity distribution agreement under which it could sell up to $400 million of its common stock through at-the-market offering programs. In the fourth quarter of 2024 the Company entered into forward sale agreements for 1,420,049 shares. In December 2024, the Company issued 1,066,549 shares pursuant to the forward sale agreements and received net proceeds of $50 million. The Company entered into forward sale agreements for 1,996,890 shares and 1,707 shares in the first quarter and the second quarter of 2025, respectively. The Company could have physically settled the remaining amount by delivering 2,352,097 shares in exchange for cash of $104 million as of June 30, 2025. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.

For additional information on the at-the-market offering programs, see Note 7, Shareholders’ Equity, in the Notes to Condensed Consolidated Financial Statements in Item 1.—“Financial Statements.”

Capital Structure. PGE’s financial objectives include maintaining a common equity ratio (common equity to total consolidated capitalization, including current debt maturities and excluding lease obligations) of approximately 50% over time. Achievement of this objective helps the Company maintain investment grade credit ratings and provides 

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access to long-term capital at favorable interest rates. The Company’s common equity ratio was 44.9% and 45.6% as of June 30, 2025 and December 31, 2024, respectively.

Credit Ratings and Debt Covenants

PGE’s secured and unsecured debt is rated investment grade by Moody’s Investors Service (Moody’s) and S&P Global Ratings (