Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 104

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 agreement, to 65% of total capitalization. As of June 30, 2025, PGE was in compliance with this covenant with a 55.1% debt-to-total capital ratio and had no outstanding balance on the revolving credit facility. As a result of the policy to backup commercial paper borrowings, the aggregate unused available credit capacity under the credit facility was $750 million.The Company has a commercial paper program under which it may issue commercial paper for terms of up to 270 days. The Company has elected to limit its borrowings under the revolving credit facility in order to allow for coverage of any potential need to repay commercial paper that may be outstanding at the time. As of June 30, 2025, PGE had no commercial paper outstanding. PGE typically classifies borrowings under the revolving credit facility and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. In addition, PGE has four letter of credit facilities that provide a total capacity of $320 million under which the Company can request letters of credit for original terms not to exceed one year. The issuance of such letters of credit is subject to the approval of the issuing institution. Under these facilities, letters of credit for a total of $146 million were outstanding as of June 30, 2025. Letters of credit issued are not reflected on the Company’s condensed consolidated balance sheets.Pursuant to an order issued by the FERC, the Company is authorized to issue short-term debt in an aggregate amount of up to $900 million through February 6, 2026. 

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Table of ContentsPORTLAND GENERAL ELECTRIC COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued(Unaudited)

Long-term DebtOn 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