PORTLAND GENERAL ELECTRIC CO /OR/ (POR): debt financing — Portland General Electric issues $500M in First Mortgage Bonds across five tranches

PORTLAND GENERAL ELECTRIC CO /OR/

Five series issued: $50M at 5.44% due 2030, $150M at 5.48% due 2033, $100M at 5.68% due 2038, $100M at 5.78% due 2053, $100M at 5.83% due 2059.
Proceeds to refinance existing debt and for general corporate purposes, including eligible green investments (renewable energy, wind, energy storage).
2030 and 2033 bonds funded Aug 29, 2023; 2038 closing expected Sept 2023, 2053 and 2059 in Nov 2023.
Bonds issued under 1941 Indenture with Eighty-First Supplemental Indenture filed as Exhibit 4.1.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

PORTLAND GENERAL ELECTRIC CO /OR/ incurred senior notes of $500 million with certain institutional buyers at 5.44% for 2030 Bonds; 5.48% for 2033 Bonds; 5.68% for 2038 Bonds; 5.78% for 2053 maturing 2030, 2033, 2038, 2053, 2059.

Instrument: senior notes
Principal: $500 million
Counterparty: certain institutional buyers
Rate: 5.44% for 2030 Bonds; 5.48% for 2033 Bonds; 5.68% for 2038 Bonds; 5.78% for 2053
Maturity: 2030, 2033, 2038, 2053, 2059
Event: incurrence

Exact text from the filing

On August 29, 2023, Portland General Electric Company ("PGE" or the "Company") entered into a Bond Purchase Agreement (the "Agreement") with certain institutional buyers (the "Buyers") in the private placement market, related to the sale by the Company of $500 million aggregate principal amount of the Company's First Mortgage Bonds (the "Bonds").

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Source: SEC EDGAR

accession 0000784977-23-000126

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