Portland General Electric Company entered into an equity distribution agreement on February 17, 2026, for an at-the-market offering of common stock with aggregate gross sales price up to $500 million through specified agents and forward purchasers. The company also announced an underwritten public offering of $480 million of shares linked to forward sale agreements, with potential underwriter option for $70 million additional shares.
Key takeaways
Entered equity distribution agreement dated February 17, 2026 with agents including Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., BTIG, LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Wells Fargo Securities, LLC
Aggregate gross sales price up to $500 million of common stock, no par value, via at-the-market offerings on NYSE or other methods
Agents receive commission not exceeding 2% of gross sales price
Forward purchasers include Barclays Bank PLC, Bank of Montreal, Bank of America N.A., others; company expects physical settlement of forward agreements
Announced $480 million underwritten public offering of common stock tied to forward sale agreements with Wells Fargo Bank and Bank of America N.A.
Underwriters granted 30-day option for up to $70 million additional shares; net proceeds for general corporate purposes and renewable energy investments