LONG-TERM DEBT

Long-term debt consists of the following (in millions):



	As of December 31,
	2015			2014
First Mortgage Bonds, rates range from 3.46% to 9.31%, with a weighted average rate of 5.29% in 2015 and 5.42% in 2014, due at various dates through 2048	$	2,083		$	2,075
Unsecured term bank loans, rates range from 0.86% to 0.93%, due October 2015	—			305
Pollution Control Revenue Bonds, 5% rate, due 2033	142			142
Pollution Control Revenue Bonds owned by PGE	(21		)	(21		)
Total long-term debt	2,204			2,501
Less: current portion of long-term debt	(133		)	(375		)
Long-term debt, net of current portion	$	2,071		$	2,126

First Mortgage Bonds and Unsecured term bank loans—During 2015, PGE issued a total of $145 million of FMBs and repaid long-term debt, inclusive of the Unsecured term bank loans, in an aggregate amount of $442 million, as follows:


•	In January, issued $75 million of 3.55% Series FMBs due 2030 and repaid $70 million of 3.46% Series FMBs;


•	In February, repaid $50 million of long-term bank loans;


•	In May, issued $70 million of 3.5% Series FMBs due 2035 and repaid $67 million of 6.80% Series FMBs, due January 2016;


•	In June, repaid $200 million of long-term bank loans; and


•	In July, repaid the remaining outstanding balance of long-term debt bank loans in the amount of $55 million.

The Indenture securing PGE’s outstanding FMBs constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property. Interest is payable semi-annually on FMBs.

In January 2016, the Company issued $140 million of 2.51% Series FMBs due 2021 and repaid $58 million of 3.81% Series FMBs, due in 2017 and $75 million of 5.80% series FMBs due in 2018. Due to the anticipated repayment of this $133 million in early January 2016, this amount of long-term debt was classified as current on the Company’s consolidated balance sheets as of December 31, 2015.

During 2014, PGE obtained four unsecured term bank loans pursuant to a credit agreement in an aggregate principal amount of $305 million. The credit agreement was set to expire October 30, 2015, at which time any amounts outstanding under the term loans were to become due and payable. The Company fully repaid these term loans early with the final payment made in July 2015.

Pollution Control Revenue Bonds—The Company has the option to remarket through 2033 the $21 million of PCBs held by PGE as of December 31, 2015. At the time of any remarketing, the Company can choose a new interest rate period that could be daily, weekly, or a fixed term. The new interest rate would be based on market conditions at the time of remarketing. The PCBs could be backed by FMBs or a bank letter of credit depending on market conditions. Interest is payable semi-annually on PCBs.

As of December 31, 2015, the future minimum principal payments on long-term debt are as follows (in millions):



Years ending December 31:
2016	$	—
2017	58
2018	75
2019	300
2020	—
Thereafter	1,771
	$	2,204