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[POR] Portland General Electric

Symbol: POR

10/30/2008 05:00am
Portland General Electric Reports Q3 $0.32 v $0.32e, R $400.0M v $453.9Me (unclear if comparable); plans to issue $300M in long term debt and $230M in stock (15% of the market cap)

- Guides FY08 EPS $1.40-1.50 v $1.86e (prior) $1.85-1.95
- Guides 2009 EPS $1.80-1.90 v $1.97e

- This decrease from $1.85 - $1.95 per diluted share is due primarily to the effects of the Trojan Refund Order and losses on non-qualified benefit trust assets. The estimated net impact of the Trojan Refund Order on 2008 earnings is approx $0.41 per diluted share and includes both SB 408 and PCAM impacts.

- The Company anticipates issuing a total of approximately $230M of equity and $300Mof new long-term debt in either late 2008 or in 2009, subject to market conditions and availability of capital.

- PGE has an unsecured $400M revolving credit facility with a group of banks. In June 2008, PGE extended the maturity on $390M of the facility to July 2013, with the remaining $10M maturing in July 2012.
- Lehman Brothers represented $55M of PGE's $400M revolving credit facility. On Sept.15, 2008, Lehman's parent company, Lehman Brothers Holdings, Inc., filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In October 2008, $25M of Lehman's $55M share was reassigned to Sumitomo Mitsui Banking Corporation. PGE is in discussions with another financial institution for reassignment of the remaining $30M .


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