New Issue: Northwest Natural Gas to place $230 million of first mortgage bonds

By Devika Patel

Knoxville, Tenn., Dec. 14 – Northwest Natural Gas Co. priced a $230 million private placement of first mortgage bonds on Dec. 13, according to an 8-K filed with the Securities and Exchange Commission.

The bonds will be sold in three tranches:

• $100 million of 5.43% bonds due 2053, expected to settle on Jan. 6;

• $80 million of 5.18% bonds due 2034, expected to settle on Aug. 4; and

• $50 million of 5.23% bonds due 2038, expected to settle on Aug. 4.

The utility company is based in Portland, Ore., and is a wholly owned subsidiary of Northwest Natural Holding Co.

Issuer:	Northwest Natural Gas Co.
Issue:	First mortgage bonds
Amount:	$230 million
Pricing date:	Dec. 13
Distribution:	Private placement
2053 notes
Amount:	$100 million
Maturity:	Jan. 6, 2053
Coupon:	5.43%
Call:	Make-whole call until July 6, 2052, then a par call
Settlement date:	Jan. 6
2034 notes
Amount:	$80 million
Maturity:	Aug. 4, 2034
Coupon:	5.18%
Call:	Make-whole call until May 4, 2034, then a par call
Settlement date:	Aug. 4
2038 notes
Amount:	$50 million
Maturity:	Aug. 4, 2038
Coupon:	5.23%
Call:	Make-whole call until May 4, 2038, then a par call
Settlement date:	Aug. 4

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