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Portland General Electric Co Announces Pricing Of Common Stock Offering

Wednesday, 12 Jun 2013 05:00am EDT 

Portland General Electric Company announced that the pricing of a public offering of 11.1 million shares of its common stock at $29.50 per share in connection with the forward sale agreement described below. The underwriters have been granted an option to purchase up to an additional 1.665 million shares of PGE's common stock. The offering is being made under PGE's existing shelf registration statement. In connection with the offering, PGE entered into a forward sale agreement with an affiliate of Barclays Capital Inc. (Barclays) under which PGE agreed to issue and sell to Barclays (subject to PGE's right to cash settle or net share settle the forward sale agreement) the same number of shares of PGE's common stock sold by Barclays or its affiliates to the underwriters for sale in the underwritten public offering. PGE intends to use any net proceeds that it receives upon settlement of the forward sale agreement or upon any issuance and sale to the underwriters of shares of its common stock in the offering to repay debt, with the balance to fund capital expenditures and general corporate purposes. Barclays Capital Inc., J.P. Morgan, Wells Fargo Securities and BofA Merrill Lynch are acting as joint book-running managers for the offering. Morgan Stanley is acting as co-manager for the offering. 

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