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Portland General Electric Company Announces Public Offering of $480,000,000 of Shares of Common Stock
Portland General Electric Company (NYSE: POR) ("PGE" or the "Company"), an integrated energy company, today announced the commencement of an underwritten public offering of $480,000,000 of shares of its common stock, all of which are being offered in connection with the forward sale agreements described below.
About this update from Portland General Electric Co
[{"type":"text","content":"PORTLAND, Ore., Feb. 17, 2026 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) ("PGE" or the "Company"), an integrated energy company, today announced the commencement of an underwritten public offering of $480,000,000 of shares of its common stock, all of which are being offered in connection with the forward sale agreements described below.","length":377,"tagName":"p"},{"type":"text","content":"Wells Fargo Securities and BofA Securities are acting as lead book-runners and Barclays and J.P. Morgan are acting as active book-runners for the offering.","length":155,"tagName":"p"},{"type":"text","content":"In connection with the offering of shares of common stock, the Company expects to enter into forward sale agreements with each of Wells Fargo Bank, National Association and Bank of America, N.A. (which the Company refers to as the "forward purchasers"), with respect to $480,000,000 of shares of the Company's common stock.","length":337,"tagName":"p"},{"type":"text","content":"The underwriters of the offering also expect to be granted a 30-day option to purchase up to $70,000,000 of additional shares of the Company's common stock. If the option to purchase additional shares of the Company's common stock is exercised, the Company expects to enter into one or more additional forward sale agreements with the forward purchasers in respect of the number of shares of the Company's common stock that are subject to exercise of the option to purchase additional shares.","length":504,"tagName":"p"},{"type":"text","content":"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 $480,000,000 of shares of the Company's common stock (or an aggregate of $550,000,000 of shares of the Company's common stock if the underwriters exercise their option to purchase additional shares in full). However, a forward purchaser (or its affiliate) is not required to borrow such shares if, after using commercially reasonable efforts, such forward purchaser is unable to borrow such shares, or if borrowing costs exceed a specified threshold. If a forward purchaser (or its affiliate) does not deliver and sell all of the shares of th...