PORTLAND GENERAL ELECTRIC CO /OR/ (POR): debt financing — PGE amends credit facility to $750M, reaches rate case stipulation with OPUC for $294M revenue increase

PORTLAND GENERAL ELECTRIC CO /OR/

Credit facility amended to $750M (from $650M), maturity extended to Sept 10, 2028, with $100M accordion feature.
Reached stipulation with OPUC on 2024 general rate case: adjusted rate base $6.2B, annual revenue requirement increase of $294M (down from $340M filed).
Settlement resolves capital structure (50/50), rate base reduction, NVPC, O&M, and PTC sales issues; final OPUC order expected Dec 2023.
Stipulation subject to OPUC approval; management cannot predict outcome of rate case.

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

PORTLAND GENERAL ELECTRIC CO /OR/ amended revolving credit of from $650 million to $750 million maturing September 10, 2028.

Instrument: revolving credit
Principal: from $650 million to $750 million
Maturity: September 10, 2028
Event: amendment

Exact text from the filing

On August 18, 2023, Portland General Electric Company (PGE or the Company) entered into an amendment of its existing $650 million revolving credit facility (the Amended Facility) to, among other things: (i) extend the maturity date of the facility to September 10, 2028; and (ii) increase the borrowing capacity under the facility from $650 million to $750 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

PORTLAND GENERAL ELECTRIC CO /OR/ amended Amended Facility with not stated valued at $750 million (effective 2023-08-18).

Action: amendment
Agreement: credit facility
Counterparty: not stated
Value: $750 million
Effective: 2023-08-18

Exact text from the filing

On August 18, 2023, Portland General Electric Company (PGE or the Company) entered into an amendment of its existing $650 million revolving credit facility (the Amended Facility) to, among other things: (i) extend the maturity date of the facility to September 10, 2028; and (ii) increase the borrowing capacity under the facility from $650 million to $750 million.

View on SEC.gov

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Source: SEC EDGAR

accession 0000784977-23-000119

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