CREDIT FACILITIES

PGE has credit facilities with an aggregate capacity of $700 million as follows:


•	A $400 million syndicated unsecured revolving credit facility, which is scheduled to terminate in November 2018; and


•	A $300 million syndicated unsecured revolving credit facility, which is scheduled to terminate in December 2017.

Pursuant to the terms of the agreements, both revolving credit facilities may be used for general corporate purposes and as backup for commercial paper borrowings, and also permit the issuance of standby letters of credit. PGE may borrow for one, two, three, or six months at a fixed interest rate established at the time of the borrowing, or at a variable interest rate for any period up to the then remaining term of the applicable credit facility. Both revolving credit facilities contain two, one-year extensions subject to approval by the banks, require annual fees based on PGE’s unsecured credit ratings, and contain customary covenants and default provisions, including a requirement that limits consolidated indebtedness, as defined in the agreement, to 65.0% of total capitalization. As of December 31, 2013, PGE was in compliance with this covenant with a 51.3% debt to total capital ratio.

PGE classifies any borrowings under the revolving credit facilities and outstanding commercial paper as Short-term debt in the consolidated balance sheets. As of December 31, 2013, PGE had no borrowings or commercial paper outstanding, $37 million of letters of credit issued, and an aggregate available capacity of $663 million under the revolving credit facilities.

PGE also has two one-year $30 million letter of credit facilities, which are scheduled to terminate in September and October 2014. As of December 31, 2013, PGE had issued an additional $37 million of letters of credit under the facilities, with an aggregate available capacity of $23 million under these facilities.

The Company has a commercial paper program under which it may issue commercial paper for terms of up to 270 days, limited to the unused amount of credit under the credit facilities.

Pursuant to an order issued by the FERC, the Company is authorized to issue short-term debt up to $900 million through February 6, 2016. The authorization provides that if utility assets financed by unsecured debt are divested, then a proportionate share of the unsecured debt must also be divested.

Short-term borrowings under these credit facilities and related interest rates were as follows (dollars in millions):



	Years Ended December 31,
	2013			2012			2011
Average daily amount of short-term debt outstanding	$	9		$	4		$	2
Weighted daily average interest rate *	0.4		%	0.4		%	0.4		%
Maximum amount outstanding during the year	$	54		$	44		$	44


*	Excludes the effect of commitment fees, facility fees and other financing fees.