By Wendy Van Sickle
Columbus, Ohio, Dec. 15 – Northwest Natural Gas Co. entered on Dec. 14 into a note purchase agreement with institutional investors to issue a $150 million private placement of first senior notes, expected to settle on March 4, according to an 8-K filed with the Securities and Exchange Commission.
The bonds are being sold in two tranches:
• $100 million of 5.78% bonds due 2028; and
• $50 million of 5.84% bonds due 2029.
The utility company is based in Portland, Ore., and is a wholly owned subsidiary of Northwest Natural Holding Co.
| Issuer: | Northwest Natural Gas Co.
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| Issue: | Senior notes
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| Amount: | $150 million
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| Agreement date: | Dec. 14
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| Settlement date: | March 14
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| Distribution: | Private placement
|
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| 2028 notes
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| Amount: | $100 million
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| Maturity: | March 7, 2028
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| Coupon: | 5.78%
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| Call: | Make-whole call until Feb. 7, 2028, then a par call
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|
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| 2029 notes
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| Amount: | $50 million
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| Maturity: | March 7, 2029
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| Coupon: | 5.84%
|
| Call: | Make-whole call until Feb. 7, 2029, then a par call
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