Item 1.01 Entry into a Material Agreement.

On March 31, 2021, Portland General Electric Company ("PGE" or the "Company") entered into an unsecured 364-day Credit Agreement (the "Credit Agreement") among the Company, as Borrower, U.S. Bank National Association, as Administrative Agent and Lender, and CoBank, ACB, as Syndication Agent and Lender (collectively, the "Lenders"). Pursuant to the Credit Agreement, on March 31, 2021, PGE obtained a term loan (the "New Term Loan") from the Lenders in the aggregate principal amount of $200 million. The Company used a portion of the proceeds of the New Term Loan to repay in full its existing $150 million term loan from the Lenders that would have matured on April 8, 2021 and to pay certain administrative expenses related to the transaction. The Company intends to use the remainder of the proceeds of the New Term Loan for general corporate purposes. The New Term Loan will become due and payable on March 30, 2022.

Generally, amounts outstanding under the Credit Agreement bear interest at a periodic rate of interest equal to LIBOR for U.S. Dollar deposits for the applicable interest period of one, two, three, or six months, plus a margin of 0.70%. The margin will be increased (i) to 0.95%, in the event the Company's ratings from Standard & Poor's Rating Service ("S&P") and Moody's Investors Service ("Moody's") for the Company's senior unsecured long-term debt securities without third-party credit enhancement fall below levels specified in the Credit Agreement, or (ii) to any higher margin specified in a new credit facility the Company enters into during the term of the Credit Agreement. The Credit Agreement also provides for the establishment of an alternative rate of interest upon the occurrence of certain events related to the phase-out of LIBOR.

The Credit Agreement contains customary covenants, including, without limitation, covenants regarding the preservation and maintenance of the Company's corporate existence, the preservation of the Company's property, payment of taxes, compliance with laws, preservation of loan document enforceability, insurance, inspection rights, the provision of certain reports and information, and the requirement to keep the Company's property and revenues free from certain liens and encumbrances. The Credit Agreement also prohibits the Company from permitting the aggregate outstanding principal amount of all consolidated indebtedness to exceed 65% of its total capitalization as of the end of any fiscal quarter, and places certain restrictions on the Company's ability to dispose of assets outside the ordinary course of business and to merge or consolidate with a third party. As of December 31, 2020, the Company's debt to total capital ratio, if calculated under this agreement, would have been approximately 56%. Further, upon the occurrence of certain events of default, the Company's obligations under the Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the Credit Agreement, cross defaults to other credit facilities, covenant defaults, and other customary defaults.

The disclosure in this Item 1.01 is qualified in its entirety by the provisions of the Credit Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Form 8-K is incorporated herein by reference.



Item 9.01  Financial Statements and Exhibits.

  (d)           Exhibits.
  10.1            Credit Agreement dated as of March 31, 2021 among Portland General Electric
                Company, the Borrower; the Lenders; U.S. Bank National Association, as
                Administrative Agent; and CoBank, ACB as Syndication Agent.

  104           Cover page information from Portland General Electric Company's Current Report on
                Form 8-K filed April 1, 2021, formatted in iXBRL (Inline Extensible Business
                Reporting Language).





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