Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 132

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 132
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 addition, PGE has four letter of credit facilities under which the Company has total capacity of $320 million. The issuance of such letters of credit is subject to the approval of the issuing institution. Under these facilities, which are considered off-balance sheet arrangements, letters of credit for a total of $85 million were outstanding as of December 31, 2024. PGE works to optimize its use of its letter of credit facility to manage energy trading margin.

Long-term Debt—During 2024, PGE issued and funded a total of $670 million of Long-term Debt and repaid a total of $130 million.

On February 22, 2024, PGE entered into a Bond Purchase Agreement related to the sale of $450 million in FMBs. The Bonds were issued and funded in full on February 22, 2024 and consist of:

•a series, due in 2029, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 5.15%; 

•a series, due in 2034, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 5.36%; and

•a series, due in 2054, in the amount of $250 million that will bear interest from its issuance date at an annual rate of 5.73%.

On November 14, 2024, PGE obtained a 366-day term loan from lenders in the aggregate principal of $300 million under a 366-Day Bridge Credit Agreement. Pursuant to the Agreement, on November 14, 2024, PGE drew a loan from the Lenders in the aggregate principal of $220 million, utilizing a portion of the proceeds to make a scheduled $80 million repayment of a 3.51% Series of First Mortgage Bonds. The term loan bears interest for the relevant interest period at the Term Secured Overnight Financing Rate (SOFR) plus Term SOFR Adjustment Rate of 10 basis points and Applicable Margin of 80.0 basis points. The interest rate is subject to adjustment pursuant to the terms of the loan. On December 31, 2024, PGE repaid $50 million of the term loan, leaving an outstanding balance of $170 million.

As of December 31, 2024, total long-term debt outstanding, net of $15 million of unamortized debt expense, was $4,524 million, of which $170