Long-Term Debt

12 Months Ended

Dec. 31, 2024

Long-Term Debt, Unclassified [Abstract]

Long-Term Debt

The following table presents outstanding long-term debt due dates and principal amounts, net of debt discount, issuance and other costs and fair value adjustments at December 31, 2024 and 2023:


(Dollars in Thousands)			December 31,
Series	Type	Due	2024		2023
Puget Sound Energy:
7.150%	First Mortgage Bond	2025	$	—	$	15,000
7.200%	First Mortgage Bond	2025	—		2,000
7.020%	Senior Secured Note	2027	300,000		300,000
7.000%	Senior Secured Note	2029	100,000		100,000
3.900%	Pollution Control Bond	2031	138,460		138,460
4.000%	Pollution Control Bond	2031	23,400		23,400
5.330%	Senior Secured Note	2034	400,000		—
5.483%	Senior Secured Note	2035	250,000		250,000
6.724%	Senior Secured Note	2036	250,000		250,000
6.274%	Senior Secured Note	2037	300,000		300,000
5.757%	Senior Secured Note	2039	350,000		350,000
5.795%	Senior Secured Note	2040	325,000		325,000
5.764%	Senior Secured Note	2040	250,000		250,000
4.434%	Senior Secured Note	2041	250,000		250,000
5.638%	Senior Secured Note	2041	300,000		300,000
4.300%	Senior Secured Note	2045	425,000		425,000
4.223%	Senior Secured Note	2048	600,000		600,000
3.250%	Senior Secured Note	2049	450,000		450,000
2.893%	Senior Secured Note	2051	450,000		450,000
4.700%	Senior Secured Note	2051	45,000		45,000
5.448%	Senior Secured Note	2053	400,000		400,000
5.685%	Senior Secured Note	2054	400,000		—
*	Debt discount, issuance cost and other	*	(45,835)		(39,813)
Total PSE long-term debt			$	5,961,025	$	5,184,047
Puget Energy:
*	Fair value adjustment of PSE long-term debt	*	$	(131,326)	$	(139,834)

3.650%	Senior Secured Note	2025	—		400,000
2.379%	Senior Secured Note	2028	500,000		500,000
4.100%	Senior Secured Note	2030	650,000		650,000
4.224%	Senior Secured Note	2032	450,000		450,000
*	Debt discount, issuance cost and other	*	(5,780)		(7,571)
Total Puget Energy long-term debt			$	7,423,919	$	7,036,642

___________________

*Not Applicable.

PSE's senior secured notes will cease to be secured by the pledged first mortgage bonds on the date (the "Substitution Date") that all of the first mortgage bonds issued and outstanding under the electric or natural gas utility mortgage indenture have been retired. As of December 31, 2024, the latest maturity date of the first mortgage bonds, other than pledged first mortgage bonds, is December 22, 2025. On the Substitution Date, PSE will deliver to the trustee for PSE's senior secured notes substitute pledged first mortgage bonds to be issued under a new mortgage indenture. As a result, as of the Substitution Date PSE's outstanding senior secured notes and any future series of PSE's senior secured notes will be secured by substitute pledged first mortgage bonds.

Puget Energy Long-Term Debt

In March 2022, Puget Energy filed an S-3 shelf registration statement under which it may issue up to $1.0 billion aggregate principal amount of senior notes secured by Puget Energy's assets. As of the date of this report, $550.0 million was available to be issued. The shelf registration will expire in March 2025.

Puget Sound Energy Long-Term Debt

In August 2022, PSE filed an S-3 shelf registration statement under which it may issue up to $1.4 billion aggregate principal amount of senior notes secured by first mortgage bonds. As of the date of this report, $200.0 million was available to be issued. The shelf registration will expire in August 2025.

On June 11, 2024, PSE issued $400.0 million of senior secured notes at an interest rate of 5.330%. The notes mature on June 15, 2034 and pay interest semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. Proceeds from the issuance of the notes were invested in short-term money market funds, used to pay down outstanding commercial paper and for general corporate purposes.

On June 11, 2024, PSE issued $400.00 million of green senior secured notes at an interest rate of 5.685%. The notes mature on June 15, 2054 and pay interest semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. Net proceeds from the issuance of the notes were invested in short-term money market funds and are intended to be used for allocation to eligible projects, as defined in PSE’s sustainable financing framework, which was published in May 2023. Eligible Projects are expenditures incurred and investments made related to development and acquisition of some or all of the following types of projects: (i) renewable energy, (ii) energy efficiency, (iii) clean transportation, (iv) biodiversity conservation, (v) climate change adaptation, (vi) water and wastewater management, (vii) pollution prevention and control, and (viii) green innovation.

On May 18, 2023, PSE issued $400.0 million of green senior secured notes at an interest rate of 5.448%. The notes mature on June 1, 2053 and pay interest semi-annually in arrears on June 1 and December 1 of each year, commencing December 1, 2023. Net proceeds from the issuance of the notes were deposited into the Company's general account and are intended to be used for allocation to eligible projects, as defined in PSE's sustainable financing framework, which was published in May 2023. Eligible projects are expenditures incurred and investments made related to development and acquisition of some or all of the following types of projects: (i) renewable energy, (ii) energy efficiency, (iii) clean transportation, (iv) biodiversity conservation, (v) climate change adaptation, (vi) water and wastewater management, (vii) pollution prevention and control, and (viii) green innovation.

Long-Term Debt Maturities

The principal amounts of long-term debt maturities for the next five years and thereafter are as follows:


(Dollars in Thousands)	2025		2026		2027		2028		2029		Thereafter		Total
Maturities of:
PSE	$	17,000	$	—	$	300,000	$	—	$	100,000	$	5,606,860	$	6,023,860
Puget Energy	400,000		—		—		500,000		—		1,100,000		2,000,000
Total long-term debt	$	417,000	$	—	$	300,000	$	500,000	$	100,000	$	6,706,860	$	8,023,860

PUGET ENERGY INC /WA 10-K