Company: POR
Filing Date: 2025-03-27
Form Type: 8-K
Source: 0000784977-25-000062
Chunk: 0

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-03-27
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Agreement.

On March 25, 2025, Portland General Electric Company (“ PGE” or the “ Company”) entered into a Bond Purchase Agreement (the “ Agreement”) with certain institutional buyers in the private placement market, related to the sale by the Company of $310 million aggregate principal amount of the Company's First Mortgage Bonds (the “ Bonds”). The Bonds 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%.

Proceeds of the sale of the Bonds will be used to refinance existing debt, for general corporate purposes, and for capital expenditures.

The Bonds were issued and funded in full on March 25, 2025.

Pursuant to the Agreement, the Bonds were issued under PGE’s Indenture of Mortgage and Deed of Trust, dated July 1, 1945, by and between PGE and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association) in its capacity as trustee, as amended and supplemented to date and from time-to-time, including the Eighty-Third Supplemental Indenture, dated as of March 15, 2025. The Bonds are redeemable at the option of PGE at the designated redemption price as described in the Eighty-Third Supplemental Indenture.

The foregoing description of the Bonds does not purport to be complete and is qualified in its entirety by reference to the complete text of the Eighty-Third Supplemental Indenture, a copy of which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.