Portland General Electric Company Announces Public Offering of $375,000,000 of Shares of Common Stock
Barclays and J.P. Morgan are acting as the joint lead book-running managers for the offering. In connection with the offering of shares of common stock, the Company expects to enter into forward sale agreements with each of Barclays Bank PLC and
The underwriters of the offering also expect to be granted a 30-day option to purchase up to
In connection with the forward sale agreements and any additional forward sale agreements, the forward purchasers (or their affiliates) are expected to borrow from third parties and sell to the underwriters an aggregate of
Pursuant to the terms of the forward sale agreements and any additional forward sale agreements, and subject to its right to elect cash or net share settlement, the Company intends to issue and sell, upon physical settlement of the forward sale agreements or any additional forward sale agreements up to an aggregate of
The Company will not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers (or affiliates thereof). The Company intends to allocate an amount equivalent to the net proceeds from this offering to finance, in whole or in part, one or more eligible green investments as defined in its Green Financing Framework. Pending allocation, the Company will manage any portion of the net proceeds that it receives, but has not yet been allocated to eligible investments, in accordance with its normal liquidity management practices. The Company expects to use a portion of the net proceeds that it will receive upon settlement of the forward sale agreements to repay outstanding indebtedness.
All of the shares of common stock will be offered under the Company's effective shelf registration statement that has been filed with the
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About
Forward-Looking and Cautionary Statements
Statements in this news release that relate 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. Such forward-looking statements include, among other things, statements related to PGE's expectations regarding the completion, timing and sizing of its proposed public offering, its expectations with respect to granting the underwriters options to purchase additional shares, the expected physical settlement of the forward sale agreements, and use of proceeds, as well as other statements containing words such as "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon," and similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties. 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 of the date hereof. The company expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the company's most recent annual report on form 10-K and in other documents that we file with the
Media Contact: |
Investor Contact: |
Nik Blosser |
|
Public Affairs |
Investor Relations |
Phone: 503-464-2388 |
Phone: 503-464-7051 |
View original content:https://www.prnewswire.com/news-releases/portland-general-electric-company-announces-public-offering-of-375-000-000-of-shares-of-common-stock-301659137.html
SOURCE