PACIFICORP /OR/: debt financing — PacifiCorp enters $2.55B LC facility and surety bonds for wildfire appeal

PACIFICORP /OR/

LC facility from PNC Bank and others: $2.55B aggregate, two-year term, to secure surety bonds for James wildfire judgment appeals.
Surety facility with Euler Hermes: up to $2.55B, fully collateralized by LCs, for supersedeas bonds stay judgments pending appeal.
Fees: 12.5 bps annual commitment premium; 35 bps per annum on drawn amounts.
Regulatory approvals required (Idaho PUC, Oregon PUC) before issuance effective date by Sept 30, 2026.
Event of default triggers 103% cash collateral requirement and acceleration of reimbursement obligations.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PACIFICORP /OR/ incurred credit facility of up to $2.55 billion with PNC Bank, National Association, as administrative agent; PNC Capital Markets LLC, as lead arranger; and the financial institutions party thereto as issuing banks at letter of credit fees and commitment fees at per-annum rates tied to PacifiCorp' maturing two-year standby letter of credit facility; letters of credit may be issued until the earlier of the second anniversary of the Issuance Effective Date and the t.

Instrument: credit facility
Principal: up to $2.55 billion
Counterparty: PNC Bank, National Association, as administrative agent; PNC Capital Markets LLC, as lead arranger; and the financial institutions party thereto as issuing banks
Rate: letter of credit fees and commitment fees at per-annum rates tied to PacifiCorp'
Maturity: two-year standby letter of credit facility; letters of credit may be issued until the earlier of the second anniversary of the Issuance Effective Date and the t
Event: incurrence

Exact text from the filing

Court (the “ James Judgments ”). The LC Agreement provides for a two-year, multi-bank, standby letter of credit facility for PacifiCorp in an aggregate stated amount of up to $2.55 billion (the “ Aggregate Commitment ”). Letters of credit may be issued from the Issuance Effective Date (as defined below) until the earlier of the second anniversary of that date and

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PACIFICORP /OR/ entered into LC Agreement with PNC Bank, National Association, as administrative agent, the financial institutions party thereto as issuing banks, and PNC Capital Markets LLC, as lead arranger (effective 2026-04-03).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association, as administrative agent, the financial institutions party thereto as issuing banks, and PNC Capital Markets LLC, as lead arranger
Effective: 2026-04-03

Exact text from the filing

On April 3, 2026, PacifiCorp entered into a Letter of Credit Agreement (the “ LC Agreement ”) with PNC Bank, National Association, as administrative agent, the financial institutions party thereto as issuing banks (the “ Issuing Banks ”), and PNC Capital Markets LLC, as lead arranger.

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Source: SEC EDGAR

accession 0000075594-26-000015

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