Portland General Electric Prices 9.47M Shares at $50.70 to Fund Renewables
Portland General Electric has priced an underwritten public offering of 9,467,455 common shares at $50.70 per share, with a 30-day option to sell up to 1,380,670 additional shares. Forward sale agreements will settle within 24 months, with net proceeds directed to general corporate purposes and renewable energy investments.
1. Offering Pricing and Size
Portland General Electric announced an underwritten offering of 9,467,455 common shares at $50.70 each, with underwriters granted a 30-day option to purchase up to 1,380,670 additional shares. The public offering is set to close on February 19, 2026, subject to customary conditions to closing.
2. Forward Sale Agreements and Settlement
The company entered into forward sale agreements with Wells Fargo Bank and Bank of America for the full share amount, under which shares will be borrowed and sold to underwriters. Settlement of these agreements and any exercised overallotment is expected on one or more dates up to 24 months from the preliminary prospectus date, with the company retaining a cash or net share settlement election.
3. Use of Proceeds
No initial proceeds will be received until forward sale settlement; net cash proceeds upon settlement will support general corporate purposes, investment in renewable energy and non-emitting dispatchable capacity tied to the 2023 All-Source RFP, and potential debt repayment including commercial paper.