PGE Reports Material Definitive Agreement and Financial Obligation

Ticker: POR · Form: 8-K · Filed: Nov 15, 2024 · CIK: 784977

Portland General Electric Co /Or/ 8-K Filing Summary
FieldDetail
CompanyPortland General Electric Co /Or/ (POR)
Form Type8-K
Filed DateNov 15, 2024
Risk Levelmedium
Pages2
Reading Time3 min
Key Dollar Amounts$300 m, $220 million, $80 million
Sentimentneutral

Sentiment: neutral

Topics: material-definitive-agreement, financial-obligation

TL;DR

PGE just signed a big financial deal, could mean more debt.

AI Summary

On November 14, 2024, Portland General Electric Company entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Oregon with IRS number 930256820, filed this 8-K report on November 15, 2024, detailing the financial obligation.

Why It Matters

This filing indicates Portland General Electric has entered into a new financial commitment, which could impact its debt levels and future financial flexibility.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can increase a company's leverage and potential financial risk.

Key Numbers

  • 001-05532-99 — SEC File Number (Identifies the company's filing history with the SEC.)
  • 93-0256820 — IRS Number (Company's Employer Identification Number.)

Key Players & Entities

  • PORTLAND GENERAL ELECTRIC COMPANY (company) — Registrant
  • Oregon (location) — State of incorporation
  • November 14, 2024 (date) — Date of earliest event reported
  • November 15, 2024 (date) — Filing date

FAQ

What type of material definitive agreement did Portland General Electric enter into?

The filing indicates the agreement relates to a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant.

What is the date of the earliest event reported in this 8-K filing?

The date of the earliest event reported is November 14, 2024.

When was this 8-K form filed with the SEC?

This 8-K form was filed as of November 15, 2024.

In which state is Portland General Electric incorporated?

Portland General Electric Company is incorporated in Oregon.

What is the principal executive office address for Portland General Electric?

The address of the principal executive offices is 121 SW Salmon Street, Portland, Oregon 97204.

Filing Stats: 726 words · 3 min read · ~2 pages · Grade level 11.7 · Accepted 2024-11-14 19:21:32

Key Financial Figures

  • $300 m — 7, 2025, has an Aggregate Commitment of $300 million, with any outstanding balance due
  • $220 million — e Lenders in the aggregate principal of $220 million. The term loan bears interest for the r
  • $80 million — term loan to repay in full an existing $80 million First Mortgage Bond that matures on Nov

Filing Documents

01 Entry into a Material Agreement

Item 1.01 Entry into a Material Agreement. On November 14, 2024, Portland General Electric Company ("PGE" or the "Company") entered into an unsecured Credit Agreement (the "Credit Agreement") among the Company, as Borrower, U.S. Bank National Association, as Administrative Agent and Lender, and CoBank, ACB, as Syndication Agent and Lender (collectively, the "Lenders"). The Credit Agreement, which expires on November 17, 2025, has an Aggregate Commitment of $300 million, with any outstanding balance due and payable on such date. Draws under the Aggregate Commitment may be made through the four-month anniversary of the Credit Agreement. Pursuant to the Credit Agreement, on November 14, 2024, PGE obtained a term loan from the Lenders in the aggregate principal of $220 million. The term loan bears interest for the relevant interest period at the Term Secured Overnight Financing Rate (SOFR) Screen Rate plus the SOFR Adjustment Rate of 10 basis points and Applicable Margin of 80 basis points. The interest rate is subject to adjustment pursuant to the terms of the loan. The term loan is prepayable, in whole or in part, without penalty, at any time. The Company expects to use a portion of the proceeds of the term loan to repay in full an existing $80 million First Mortgage Bond that matures on November 15, 2024 and pay certain administrative expenses related to the transaction, with the remainder of the proceeds available for general corporate purposes. The term loan will be classified as long-term debt on PGE's consolidated balance sheet. The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement filed herewith as Exhibit 10.1 and 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. The information set forth in Item 1.01 of this Form 8-K is incorporat

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 10.1 Credit Agreement dated as of November 14, 2024 among Portland General Electric Company, the Borrower; the Lenders; U.S. Bank National Association, as Administrative Agent; and CoBank, ACB as Syndication Agent. 104 Cover page information from Portland General Electric Company's Current Report on Form 8-K filed November 14, 2024, formatted in iXBRL (Inline Extensible Business Reporting Language). 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: November 14, 2024 By: /s/ Joseph R. Trpik Joseph R. Trpik Senior Vice President, Finance and Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.