By Lisa Kerner
Charlotte, N.C., Oct. 17 - Portland General Electric Co. agreed to sell $155 million of first mortgage bonds in a private placement.
The bonds came in two tranches, according to an 8-K filing with the Securities and Exchange Commission.
The first tranche is $105 million of 4.74% series A bonds due 2042. They are expected to be issued and funded under a delayed draw on or prior to Nov. 15.
The second tranche is $50 million of 4.84% series B bonds due 2048. They are expected to be issued on or prior to Dec. 16.
The bonds include a make-whole call at Treasuries plus 50 basis points plus accrued interest.
Portland General Electric is a Portland, Ore.-based energy provider.
| Issuer: | Portland General Electric Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $155 million
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Pricing date: | Oct. 17
|
| Distribution: | Private placement
|
|
|
| Series A
|
| Amount: | $150 million
|
| Maturity: | Nov. 15, 2042
|
| Coupon: | 4.74%
|
| Settlement date: | On or before Nov. 15
|
|
|
| Series B
|
| Amount: | $50 million
|
| Maturity: | Dec. 15, 2048
|
| Coupon: | 4.84%
|
| Settlement date: | On or before Dec. 15
|
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