Portland General Electric, Ore., remarkets $121.4 million 1998 bonds

By Sheri Kasprzak

New York, March 12 - The Portland General Electric Co. remarketed $121.4 million in series 1998A pollution control revenue refunding bonds sold through the City of Forsyth and 1998A refunding bonds sold through the Port of Morrow, according to a form 8-K filed Friday with the Securities and Exchange Commission.

The remarketing included $97.8 million of the 1998A Forsyth bonds and $23.6 million of the 1998A Port of Morrow bonds.

The remarketed bonds are due May 1, 2033 and bear interest at 5% from March 11, 2010 through April 30, 2033.

The bonds are subject to optional redemption on or after March 11, 2020 at 102% of the principal amount, declining to par.

The current remarketing represents a portion of the company's expected issuance of $250 million in long-term debt during 2010. Combined with the $70 million in long-term debt issued in January 2010, this leaves $60 million in long-term debt to be issued later in the year.

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