PGE Enters Agreement to Sell $275 Million in Bonds to Investors
PORTLAND, Ore., May 01, 2006 (BUSINESS WIRE) -- Portland General Electric (NYSE:POR) announced today that on Tuesday, April 25, 2006, Portland General Electric (PGE) and certain institutional buyers in the private placement market entered into an agreement under which PGE will sell and the buyers will purchase $275 million of PGE's First Mortgage Bonds.
PGE plans to issue the bonds in two series in May 2006. One series of the bonds, in the amount of $175 million, will bear interest from the issuance date at an annual rate of 6.31 percent and mature in 2036. The other series, in the amount of $100 million, will bear interest from the issuance date at an annual rate of 6.26 percent and mature in 2031. PGE intends to use the proceeds of the issuance to pay existing indebtedness and for general corporate purposes.
"The issuance of these bonds is great news, because it will allow the company to refinance some existing debt in a favorable interest rate environment," said Jim Piro, PGE chief financial officer. "It also will help finance projects that will serve our growing customer base."
About Portland General Electric Company
Portland General Electric, headquartered in Portland, Ore., is a fully integrated electric utility that serves more than 780,000 residential, commercial and industrial customers in Oregon. Visit our Web site at www.PortlandGeneral.com.
Safe Harbor Statement
Statements in this news release that relate to the issuance and listing of Portland General Electric's (PGE) common stock or to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by words including, but not limited to, "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon" and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including matters and events related to the outcome of various legal and regulatory proceedings, and, as a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as the date hereof. The Company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the Company's most recent Annual Report on Form 10-K and the Company's reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management's Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time.
Source: Portland General Electric Company
SOURCE: Portland General Electric
PGE Gail Baker, 503-464-8693 After hours: 503-251-4099
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