PGE Enters Material Agreement, Creates New Financial Obligation

TL;DR

**PGE just took on a new major financial obligation, signaling a potentially big shift in their balance sheet.**

AI Summary

Portland General Electric Company (PGE) filed an 8-K on February 22, 2024, reporting the entry into a material definitive agreement and the creation of a direct financial obligation. The filing indicates a significant financial event for the company, which is an electric services provider based in Portland, Oregon. This report was filed with the SEC under the 1934 Act, with a Commission File Number of 001-5532-99.

Why It Matters

This filing signals a new financial commitment or agreement for Portland General Electric, which could impact its operational costs, future investments, or overall financial health, potentially affecting its service rates or shareholder value.

Risk Assessment

Risk Level: medium — The filing indicates a new financial obligation without specifying the nature or amount, which introduces uncertainty regarding its potential impact on the company's financial stability.

Key Players & Entities

• PORTLAND GENERAL ELECTRIC COMPANY (company) — Registrant
• Oregon (company) — State of incorporation
• February 22, 2024 (date) — Date of earliest event reported
• 001-5532-99 (company) — Commission File Number
• 93-0256820 (company) — I.R.S. Employer Identification No.

FAQ

Key Financial Figures

• $450 million — , related to the sale by the Company of $450 million aggregate principal amount of the Compa
• $100 million — a series, due in 2029, in the amount of $100 million that will bear interest from its issuan
• $250 million — a series, due in 2054, in the amount of $250 million that will bear interest from its issuan

Filing Documents

• por-20240222.htm (8-K) — 31KB
• feb2024fmb8-kxexhibit41.htm (EX-4.1) — 374KB
• 0000784977-24-000039.txt ( ) — 563KB
• por-20240222.xsd (EX-101.SCH) — 2KB
• por-20240222_lab.xml (EX-101.LAB) — 23KB
• por-20240222_pre.xml (EX-101.PRE) — 12KB
• por-20240222_htm.xml (XML) — 3KB

01 Entry into a Material Agreement

Item 1.01 Entry into a Material Agreement. On February 22, 2024, 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 $450 million aggregate principal amount of the Company's First Mortgage Bonds (the "Bonds"). The Bonds 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%. 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 February 22, 2024. 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-Second Supplemental Indenture, dated as of February 15, 2024. The Bonds are redeemable at the option of PGE at the designated redemption price as described in the Eighty-Second 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-Second 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 Registran

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 4.1 Eighty- Second Supplemental Indenture, dated February 15, 202 4 , between the Portland General Electric Company and Computershare Trust Company , National Association, as trustee . 104 Cover page information from Portland General Electric Company's Current Report on Form 8-K filed February 23, 2024, formatted in iXBRL (Inline Extensible Business Reporting Language). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PORTLAND GENERAL ELECTRIC COMPANY (Registrant) Date: February 23, 2024 By: /s/ Joseph R. Trpik Joseph R. Trpik Senior Vice President, Finance and Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR