XML 131 R18.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Long-term Debt
 12 Months Ended
Dec. 31, 2019
Long-term Debt Disclosure [Abstract]  
Long-term Debt LONG-TERM DEBT
Long-term debt consists of the following (in millions):
 
As of December 31,
  
2019
 
2018
First Mortgage Bonds, rates range from 2.51% to 9.31%, with a weighted average rate of 4.63% in 2019 and 5.01% in 2018, due at various dates through 2050
$
2,510

 
$
2,390

Pollution Control Revenue Bonds, rates at 5%, due 2033
119


119

Pollution Control Revenue Bonds held by PGE
(21
)
 
(21
)
Total long-term debt
2,608

 
2,488

Less: Unamortized debt expense
(11
)
 
(10
)
Less: Current portion of long-term debt
—

 
(300
)
Long-term debt, net of current portion
$
2,597

 
$
2,178



First Mortgage Bonds—On April 12, 2019, PGE issued $200 million of 4.30% Series FMBs due in 2049. Proceeds from the transaction were used to repay the $300 million current portion of long-term debt on April 15, 2019.

On October 25, 2019, PGE entered into an agreement to issue $270 million of privately placed FMBs in two
tranches, both of which bear interest from their issue date at an annual rate of 3.34%. The first tranche, $110 million, with a maturity in 2049, was issued on October 25, 2019, a portion of which was used to redeem $50 million of 6.75% FMBs that had a maturity date in 2023. The second tranche, $160 million, with a maturity in 2050, was issued and funded November 15, 2019.

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.

Pollution Control Revenue Bonds—The Company has the option to remarket through 2033 the $21 million PCRBs held by PGE as of December 31, 2019. 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 PCRBs could be backed by FMBs or a bank letter of credit depending on market conditions. Interest is payable semi-annually on the PCRBs.

As of December 31, 2019, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31:
 
 
2020
 
$
—

2021
 
160

2022
 
—

2023
 
—

2024
 
80

Thereafter
 
2,368

 
 
$
2,608