June 04, 2007
Portland General Electric Company announces offering of its common stock held by the Enron Disputed Claims Reserve
Portland, Ore. — Portland General Electric Company (NYSE: POR) today announced that it has filed a preliminary prospectus supplement with the Securities and Exchange Commission related to an underwritten offering of 21 million shares of PGE common stock held by the Enron Disputed Claims Reserve (DCR). The managing underwriters will also have a 30-day option to purchase up to approximately 2.7 million additional shares of common stock from the DCR. PGE will not receive any of the proceeds from the sale of common stock by the DCR.
The managing underwriters for the offering are Deutsche Bank Securities and Lehman Brothers Inc. The offering is expected to price the week of June 11.
Assuming the sale of all 21 million shares and the full exercise by the managing underwriters of their option to purchase additional shares, the DCR will have sold or distributed substantially all of its shares of PGE common stock.
The common stock will be offered pursuant to an effective registration statement filed with the Securities and Exchange Commission. When available, printed copies of the preliminary prospectus supplement and related prospectus may be obtained from Deutsche Bank Securities Prospectus Department, 100 Plaza One, Jersey City, NJ 07311, telephone 800-503-4611, or by e-mail, or Lehman Brothers Inc., c/o Broadridge, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, by e-mail or fax 631-254-7268.
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About Portland General Electric
Portland General Electric Company, headquartered in Portland, Ore., is a fully integrated electric utility that serves approximately 796,000 residential, commercial and industrial customers in Oregon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or country. The common stock is only offered by means of the prospectus supplement and accompanying prospectus.
POR-F
Source: Portland General Electric Company
All statements contained in this press release that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. They are not guarantees of future events. Rather, they are based on current expectations, estimates, beliefs and assumptions and are subject to uncertainties that are difficult to predict. As a result, actual events or results may differ materially from the statements made. Forward-looking statements made in this press release include that the DCR may sell shares of PGE common stock, the expected number of shares to be sold, that the DCR may grant the managing underwriters an option to purchase additional shares, that the managing underwriters may exercise this option to purchase additional shares from the DCR, and the expected pricing date of the offering. These forward-looking statements are based upon our assumptions about and assessment of the future, which may or may not prove true, and involve a number of risks and uncertainties including, but not limited to, whether the DCR can sell the shares of common stock at a price that is acceptable, whether the managing underwriters are able to sell the shares as described, whether there is adequate demand to justify the exercise of the managing underwriters' option to purchase additional shares as well as other risk factors detailed in the company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.
For more information, contact:
Gail Baker, Media Contact, PGE,
503-464-8693
Bill Valach, Director, Investor Relations, PGE,
503-464-7395
