PORTLAND GENERAL ELECTRIC CO /OR/POR

PORTLAND GENERAL ELECTRIC CO /OR/ Debt Disclosure

10-KFiled Feb 17, 20222 min read
LONG-TERM DEBT
Long-term debt consists of the following (in millions):
 As of December 31,
  20212020
First Mortgage Bonds, rates range from 1.82% to 6.88%, with a weighted average rate of 4.11%% in 2021 and 4.14% in 2020, due at various dates through 2051
$3,180 $2,940 
Pollution Control Revenue Bonds, rates at 2.13% and 2.38%, due 2033
119 119 
Total long-term debt3,299 3,059 
Less: Unamortized debt expense(14)(13)
Less: Current portion of long-term debt— (160)
Long-term debt, net of current portion$3,285 $2,886 
First Mortgage Bonds—On January 6, 2021, the Company made a scheduled $140 million repayment of a 2.51% Series of First Mortgage Bonds with available cash.

On August 11, 2021, the Company made a scheduled $20 million repayment of a 9.31% Series of First Mortgage Bonds with available cash.

On September 30, 2021, PGE issued $400 million in FMBs. The Bonds consist of:
•a series, due in 2028, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 1.82%;
•a series, due in 2031, in the amount of $50 million that will bear interest from its issuance date at an annual rate of 2.10%;
•a series, due in 2034, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 2.20%; and
•a series, due in 2051, in the amount of $150 million that will bear interest from its issuance date at an annual rate of 2.97%.

The Indenture securing PGE’s outstanding FMBs constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property. Interest is payable semi-annually on FMBs.

Pollution Control Revenue Bonds—On March 11, 2020, PGE completed the remarketing of an aggregate principal amount of $119 million of Pollution Control Revenue Refunding Bonds (PCRBs), which consist of $98 million aggregate principal of PCRBs that bear an interest rate of 2.125%, and $21 million aggregate principal of PCRBs that bear an interest rate of 2.375%, both due in 2033. At the time of remarketing, the Company chose a new interest rate period that was fixed term. The new interest rate was based on market conditions at the time of remarketing. The PCRBs could be backed by FMBs or a bank letter of credit depending on market conditions. Interest is payable semi-annually on the PCRBs.

As of December 31, 2021, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31: 
2022$— 
2023— 
202480 
2025— 
2026— 
Thereafter3,219 
$3,299 
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Historical Timeline

Fiscal YearFiled
2021Feb 17, 2022Showing above
2018Feb 15, 2019
2017Feb 16, 2018

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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