Portland General Electric prices stock offering at $50.70 per share

Portland General Electric Company (NYSE: POR) announced it has priced an underwritten public offering of 9,467,455 shares of common stock at $50.70 per share. The offering is expected to close on February 19, 2026, subject to customary closing conditions.

Wells Fargo Securities and BofA Securities serve as lead book-runners for the offering, with Barclays and J.P. Morgan as active book-runners. BMO Capital Markets and Mizuho act as book-running managers, while BTIG and Siebert Williams Shank serve as co-managers.

The company entered into forward sale agreements with Wells Fargo Bank, National Association and Bank of America, N.A. covering the 9,467,455 shares. Under these agreements, the forward purchasers or their affiliates are expected to borrow and sell the shares to underwriters.

Underwriters have a 30-day option to purchase up to 1,380,670 additional shares. If exercised, Portland General Electric expects to enter additional forward sale agreements for those shares.

The company will not initially receive proceeds from the forward purchasers' share sales. Portland General Electric intends to physically settle the forward sale agreements within 24 months from the preliminary prospectus supplement date. Upon settlement, the company will receive cash proceeds equal to the public offering price minus underwriting discounts and commissions.

The utility plans to use net proceeds from future settlement for general corporate purposes and investment in renewable energy and non-emitting dispatchable capacity related to its 2023 All-Source Request for Proposal. This may include repaying debt, including commercial paper.

The shares will be offered under the company's effective shelf registration statement filed with the Securities and Exchange Commission. Portland General Electric serves over 950,000 customers in Oregon and has operated since 1889.

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