Rule 424(b) (3)
Registration No. 333-18965
PRICING SUPPLEMENT NO. 14, Dated March 12, 1998
To Prospectus Dated January 9, 1997 and Prospectus
Supplement dated January 24, 1997
WASHINGTON GAS LIGHT COMPANY
MEDIUM-TERM NOTES, SERIES D
DUE ONE YEAR OR MORE FROM DATE OF ISSUE
Principal Amount: $26,000,000 /x/ Fixed rate Note / / Floating Rate Note
Issue Price (as a percentage of /x/ Book Entry Note / / Certificate Note
principal amount): 100%
Original Issue Date: March 13, 1998
Maturity Date: March 13, 2028
/ / The Offered Notes cannot be redeemed prior to maturity.
/x/ The Offered Notes may be redeemed prior to maturity on the terms noted
below.
Applicable Only to Fixed Rate Notes:
Interest Rate: 6.81 per annum
Interest Payment Dates: March 15 and September 15
Applicable Only to Floating Rate Notes:
Base Rate: Maximum Interest Rate: _____
/ / Commercial Paper Rate Minimum Interest Rate: _____
/ / LIBOR Interest Reset Dates: _____
/ / Treasury Rate Interest Reset Period: _____
Interest Payment Dates: _____
Interest Payment Period: _____
Initial Interest Rate: _____
Index Maturity: _____
Spread (plus or minus): _____
Spread Multiplier: _____
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Optional Redemption:
These Notes will be redeemable, as a whole or in part, at the option of
the Company at any time, at a redemption price equal to the greater of (a)100%
of the principal amount of the Notes to be redeemed and (b) the sum of the
present values of the Remaining Scheduled Payments (as hereinafter defined)
thereon discounted to the redemption date on a semiannual basis ( assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20
basis points, plus accrued interest to the date of redemption.
"Treasury Rate" means, with respect to any redemption date, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue ( expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price
for such redemption date.
"Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes. "Independent Investment Banker" means one of the
Reference Treasury Dealers appointed by the Trustee after consultation with the
Company.
"Comparable Treasury Price" means, with respect to any redemption date,
(a) the average of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) on the third
business day preceding such redemption date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated "Composite 3:30 p.m. Quotations of U.S.
Government Securities" or (b) if such release (or any successor release) is not
published or does not contain such prices on such business day, (I) the average
of the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(ii) if the Trustee obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such Quotations. "Reference Treasury Dealer
Quotations" means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Reference
Treasury Dealer at 5:00 p.m. New York time on the third business day preceding
such redemption date.
"Reference Treasury Dealer" means PaineWebber Incorporated and its
successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.
"Remaining Scheduled Payments" means, with respect to any Notes, the
remaining scheduled payments of the principal thereof to be redeemed and
interest thereon that would be due after the related redemption date but for
such redemption; provided, however, that, if such
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redemption date is not an interest payment date with respect to such Notes, the
amount of the next succeeding scheduled interest payment thereon will be reduced
by the amount of interest accrued thereon to such redemption date.
Notice of any redemption will be mailed at least 30 days but not more than
60 days before the redemption date to each holder of Notes to be redeemed.
Unless the Company defaults in payment of the redemption price, on and
after the applicable redemption date, interest will cease to accrue on the Notes
or portions thereof called for redemption.
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