Northwest Natural Gas (NWN) Prices $48M Common Stock Offering

November 11, 2016 6:06 AM EST

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Northwest Natural Gas Company, dba NW Natural (NYSE: NWN), announced the pricing of an underwritten public offering of 880,000 shares of its common stock, at a price to the public of $54.63 per share. In connection with the offering, NW Natural granted the underwriters involved in the offering with a 30-day option to purchase up to an additional 132,000 shares of its common stock. The offering is expected to close on November 16, 2016, subject to customary closing conditions.

The net proceeds will be added to the general funds of NW Natural and will be used for general corporate purposes, primarily to fund, in part, NW Natural’s ongoing utility construction program. A portion of the net proceeds may be used to reduce NW Natural’s short-term indebtedness (commercial paper), which was generally incurred to fund the utility construction program.

Wells Fargo Securities, J.P. Morgan and RBC Capital Markets are acting as book-running managers of the offering. U.S. Capital Advisors and Sidoti & Company, LLC are acting as co-managers of the offering.

This offering is being made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission, and only by means of a prospectus supplement for this offering and a related base prospectus. Copies of the prospectus supplement and related base prospectus may be obtained by contacting:

Wells Fargo Securities Attention: Equity Syndicate Department 375 Park Avenue New York, NY 10152 Email: cmclientsupport@wellsfargo.com Telephone: (800) 326-5897

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About NW Natural

NW Natural is headquartered in Portland, Ore., and provides natural gas service to more than 718,000 residential, commercial, and industrial customers in western Oregon and southwestern Washington.

Forward Looking Statements

This press release contains forward-looking statements regarding our planned offer and sale of common stock and the use of the net proceeds from any such sale. We cannot be sure that we will complete the offering or, if we do, on what terms we will complete it. Forward-looking statements are based on current beliefs and expectations and are subject to inherent risks and uncertainties, including those discussed under the caption “Risk Factors” in the prospectus and prospectus supplement. In addition, NW Natural management retains broad discretion with respect to the allocation of the net proceeds of this offering. The forward-looking statements speak only as of the date of this release, and NW Natural is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as may otherwise be required by law.

Media Contact: 
Melissa Moore, NW Natural, (503) 818-9845, msm@nwnatural.com

Source: NW Natural



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