Rule 424(b)(3)
Registration No. 333-79465
PRICING SUPPLEMENT NO. 1 , Dated July 12, 1999
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To Prospectus Dated June 17, 1999
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WASHINGTON GAS LIGHT COMPANY
MEDIUM-TERM NOTES, SERIES E
DUE ONE YEAR OR MORE FROM DATE OF ISSUE
Principal Amount: $50,000,000 [x] Fixed Rate Note [ ] Floating Rate Note
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Issue Price (as a percentage of [x] Book Entry Note [ ] Certificated Note
principal amount): 100%
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Original Issue Date: July 9, 1999
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Maturity Date: July 9, 2009
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[ ] The Offered Notes cannot be redeemed prior to maturity.
[x] The Offered Notes may be redeemed prior to maturity. See "Additional Terms"
below.
Applicable Only to Fixed Rate Notes:
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Interest Rate: 6.92%
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Interest Payment Dates: March 15 and September 15
Applicable Only to Floating Rate Notes:
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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: ___________
This Pricing Supplement relates to the original issuance and sale by
Washington Gas Light Company of the Medium-Term Notes, Series E, described
herein through Salomon Smith Barney ($10,000,000), Banc One Capital Markets,
Inc. ($12,750,000), Merrill Lynch & Co. ($10,000,000), PaineWebber Incorporated
($7,250,000) and The Williams Capital Group, L.P. ($10,000,000), as Agents.
<PAGE>
Additional Terms:
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1) Use of Proceeds:
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Net proceeds from the sale of these and other Offered Notes will be used to
fund the purchase of $39,000,000 principal amount of the Company's 8-3/4% Series
First Mortgage Bonds due 2019; and $4,000,000 principal amount of the Company's
8-5/8% Series First Mortgage Bonds due 2007; and for general corporate purposes,
including capital expenditures, acquisition of property, working capital
requirements, and retirement of short-term debt.
2) Optional Redemption:
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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 15 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, the
average of the Reference Treasury Dealer Quotations for such redemption date.
"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 each of Merrill Lynch, Pierce, Fenner &
Smith Incorporated, PaineWebber Incorporated, and Salomon Smith Barney and their
successors; provided, however, that if any of the foregoing, or their
affiliates, 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 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.
