PORTLAND GENERAL ELECTRIC COMPANY (NYSE:POR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On August 2, 2017, Portland General Electric Company (PGE, or the Company) and certain institutional buyers (Buyers) in the private placement market entered into a Bond Purchase Agreement (Agreement) under which PGE would sell to the Buyers an aggregate principal amount of $225 million of PGE’s First Mortgage Bonds (Bonds) in two tranches. Both series of Bonds will bear interest from their issue date at an annual rate of 3.98%.
The first tranche of $75 million, with a maturity in 2048, was issued on August 2, 2017. The second tranche of $150 million, with a maturity in 2047, is expected to be issued and funded on or about November 21, 2017.
to the Agreement, the Bonds are to be issued under PGE’s Indenture of Mortgage and Deed of Trust, dated July 1, 1945, between PGE and Wells Fargo Bank, National Association (as successor to HSBC Bank USA, National Association) in its capacity as trustee, as amended and supplemented to date, and from time to time (the Indenture), including a Seventy-third Supplemental Indenture dated August 1, 2017 and executed in connection with the issuance of the Bonds. Additional terms for the Bonds are set forth in the Seventy-third Supplemental Indenture.
The issuance of the second tranche of Bonds is subject to PGE meeting certain earnings coverage and security provisions set forth in the Indenture. The Company expects to have sufficient capacity under the Indenture to issue such Bonds on the estimated date referenced above.
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 incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
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4.1 |
Seventy-third Supplemental Indenture dated August 1, 2017, between the Company and Wells Fargo Bank, National Association, as Trustee |
PORTLAND GENERAL ELECTRIC CO /OR/ ExhibitEX-4.1 2 exh41.htm EXHIBIT 4.1 Exhibit EXHIBIT 4.1 PORTLAND GENERAL ELECTRIC COMPANY TOWELLS FARGO BANK,…To view the full exhibit click here
About PORTLAND GENERAL ELECTRIC COMPANY (NYSE:POR)
Portland General Electric Company (PGE) is an electric utility company. The Company is engaged in the generation, wholesale purchase, transmission, distribution and retail sale of electricity in the state of Oregon. The Company also sells electricity and natural gas in the wholesale market to utilities, brokers and power marketers. The Company has approximately four natural gas-fired generating facilities, which include PW1, PW2, Beaver and Coyote Springs Unit 1 (Coyote Springs). PGE owns and operates over two wind farms, including Biglow Canyon Wind Farm (Biglow Canyon) and Tucannon River. Biglow Canyon, which is located in Sherman County, Oregon, is its renewable energy resource consisting of approximately 220 wind turbines with a total nameplate capacity of over 450 megawatts (MW). Its Tucannon River is located in southeastern Washington and consists of approximately 120 wind turbines with a total nameplate capacity of over 270 MW.
