PORTLAND, Ore., Mar 05, 2009 (BUSINESS WIRE) -- Portland General Electric Company (PGE) (NYSE:POR) announced today that
it has priced a public offering of 10.85 million shares of its common
stock at $14.10 per share. PGE also has granted the underwriters a
30-day option to purchase up to an additional 1.6275 million shares to
cover any over-allotments. The company intends to use the net proceeds
from this offering to repay substantially all of its outstanding
short-term debt, with the balance to fund capital expenditures or for
general corporate purposes.
J.P. Morgan Securities Inc., Barclays Capital Inc., Deutsche Bank
Securities Inc. and Wachovia Capital Markets, LLC, are the joint
book-running managers for this offering.
Copies of the prospectus and prospectus supplement may be obtained from
the offices of: J.P. Morgan Securities Inc., Prospectus Library, 4 Chase
Metrotech Center, CS Level, Brooklyn, New York, 11245, telephone:
718-242-8002 or by fax at 718-242-8003; Barclays Capital Inc., c/o
Broadridge Integrated Distribution Services, 1155 Long Island Avenue,
Edgewood, New York, 11717, telephone: 888-603-5847, fax: 631-254-7140 or
by e-mail at Barclaysprospectus@broadridge.com;
Deutsche Bank Securities Inc., Prospectus Department, 100 Plaza One,
Jersey City, New Jersey, 07311, telephone: 800-503-4611 or by e-mail at prospectusrequest@list.db.com;
or Wachovia Capital Markets, LLC, 375 Park Avenue, New York, New York,
10152, Attn: Equity Syndicate Dept., telephone: 800-326-5897 or by email
at equity.syndicate@wachovia.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or country in which the offer,
solicitation or sale of these securities would be unlawful prior to
registration or qualification under the securities laws of any state or
country. The offering of these securities will be made only by means of
the prospectus supplement and accompanying prospectus.
About Portland General Electric Company
Portland General Electric Company, headquartered in Portland, Ore., is a
fully integrated electric utility that serves approximately 810,000
residential, commercial and industrial customers in Oregon. For more
information about Portland General Electric Company, please visit the
company's Web site at www.PortlandGeneral.com.
POR-F
Source: Portland General Electric Company
All statements contained in this press release that are not historical
facts are forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. They are not guarantees of future events. Rather, they are based
on current expectations, estimates, beliefs and assumptions and are
subject to uncertainties that are difficult to predict. As a result,
actual events or results may differ materially from the statements made.
Forward-looking statements made in this press release include that PGE
may sell shares of its common stock, the expected number of shares to be
sold, the expected use of the net proceeds from the sale, that PGE may
grant the managing underwriters an option to purchase additional shares,
and that the managing underwriters may exercise this option to purchase
additional shares from PGE. These forward-looking statements are based
upon our assumptions about and assessment of the future, which may or
may not prove true, and involve a number of risks and uncertainties
including, but not limited to, whether PGE can sell the shares of common
stock at a price that is acceptable, whether the managing underwriters
are able to sell the shares as described, whether there is adequate
demand to justify the exercise of the managing underwriters' option to
purchase additional shares, as well as other risk factors detailed in
the company's most recent Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other filings with the Securities and Exchange
Commission.
SOURCE: Portland General Electric Company
Portland General Electric Company
Media Contact:
Gail Baker, Director, Corporate Communications, 503-464-8693
or
Investor Contact:
Bill Valach, Director, Investor Relations, 503-464-7395
Copyright Business Wire 2009