Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 153

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 8
Chunk 153
---
 PGE’s total long-term debt outstanding, net of $16 million of unamortized debt expense, was $4,731 million.

On March 25, 2025, PGE entered into a Bond Purchase Agreement related to the sale of $310 million in First Mortgage Bonds (FMBs). The Bonds were issued and funded in full on March 25, 2025 and consist of:

•a series, due in 2035, in the amount of $60 million that will bear interest from its issuance date at an annual rate of 5.36%; 

•a series, due in 2045, in the 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.

61

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. In the first quarter of 2025 the Company entered into forward sale agreements for 1,996,890 shares. The Company could have physically settled the remaining amount by delivering 2,350,390 shares in exchange for cash of $104 million as of March 31, 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