Portland General Electric Co. agreed to sell $225 million of its 3.98% first mortgage bonds to certain institutional buyers a private placement, according to an Aug. 3 Form 8-K filing.

The company on Aug. 2 issued the first tranche of $75 million of bonds due 2048. The second tranche of $150 million of bonds due 2047 will be issued by Nov. 21.

Wells Fargo Bank NA acted as the trustee.