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POR > SEC Filings for POR > Form 8-K on 21-Nov-2013All Recent SEC Filings

Show all filings for PORTLAND GENERAL ELECTRIC CO /OR/ | Request a Trial to NEW EDGAR Online Pro

Form 8-K for PORTLAND GENERAL ELECTRIC CO /OR/


21-Nov-2013

Creation of a Direct Financial Obligation or an Obligation unde


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously reported, on October 17, 2013, Portland General Electric Company (PGE) and certain institutional buyers (Buyers) in the private placement market entered into a Bond Purchase Agreement (Agreement) under which PGE would sell, and the Buyers would purchase, an aggregate principal amount of $155 million of PGE's First Mortgage Bonds (Bonds). The Bonds issuable under the Agreement consist of a Series due November 15, 2042, in the amount of $105 million, that will bear interest from its issue date until maturity at an annual rate of 4.74% and a Series due December 15, 2048, in the amount of $50 million, that will bear interest from its issue date until maturity at an annual rate of 4.84%.

On November 15, 2013, the 4.74% Series, due 2042, was issued and funded in full. Pursuant to the Agreement, the Bonds were issued under PGE's Indenture of Mortgage and Deed of Trust, dated July 1, 1945 (Mortgage), 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, including the Company's Sixty-eighth Supplemental Indenture dated October 15, 2013. The Bonds are redeemable at the option of PGE at the designated "make-whole" redemption price as described in the Sixty-eighth Supplemental Indenture.

The 4.84% Series is expected to be issued under the Mortgage to the Buyers and funded on December 16, 2013.


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