Pricing Supplement No. 14 Filing under Rule 424(b)(3)
Dated October 8, 1996 Registration No. 33-64014
(To Prospectus dated June 17, 1993)
$150,000,000
NORTHWEST NATURAL GAS COMPANY
Secured Medium-Term Notes, Series B
(A Series of First Mortgage Bonds)
and
Unsecured Medium-Term Notes, Series B
Due from Nine Months to 30 Years from Date of Issue
CUSIP No.: 66765R AV 8
Secured X Unsecured
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Principal amount ($): $20,000,000
Issue price (%): 100.00%
Selling Agent's commission (%): .625%
Proceeds to Company (%): 99.375%
Repayable at the option of holder: Yes x No
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Repayment Date: October 15, 2008
Repayment Price: 96.0%
Election Period: August 15, 2008 through September 15, 2008
Other Terms: See page 2, "Repayment at Option of Holder"
Selling Agent: Merrill Lynch & Co. X
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PaineWebber Incorporated X
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Stated interest rate (%): 7.05%
Maturity date: October 15, 2026
Original issue date: October 15, 1996
Redeemable: Yes No X
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In whole
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In whole or in part
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Initial redemption date: Not Applicable
Initial redemption price: Not Applicable
Reduction Percentage: Not Applicable
Redemption limitation date: Not Applicable
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PRICING SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
REPAYMENT AT OPTION OF HOLDER
Each Secured Note offered hereby ("Note") will be repayable by the
Company at the option of the registered holder thereof on October
15, 2008, at 96.0% of its principal amount, together with interest
payable to the date of repayment. For any Note to be repaid, the
Company must receive such Note at its office or agency in the
Borough of Manhattan, The City of New York (currently, the office
of the Corporate Trustee), within the period commencing August 15,
2008, and ending at the close of business on September 15, 2008
(or, if such September 15 shall not be a business day, the next
succeeding business day), together with the form entitled "Option
to Elect Repayment" on the reverse of, or otherwise accompanying,
such Note duly completed. Any such election so received by the
Company within such period shall be irrevocable. The repayment
option may be exercised by the registered holder of a Note for less
than the entire principal amount of such Note, provided that the
principal amount to be repaid is equal to $1,000 or an integral
multiple of $1,000. All questions as to the validity, eligibility
(including time of receipt) and acceptance of any Note for
repayment will be determined by the Corporate Trustee, whose
determination will be final and binding.
So long as the Depository or the Depository's nominee is the
registered holder of the Notes, the Depository or such nominee will
be the only entity that can exercise the repayment option, and
repayment will be made in accordance with the Depository's
repayment procedures in effect at the time. See "Book-Entry
System" in the accompanying Prospectus. In order to ensure that
the Depository or its nominee will timely exercise a repayment
option with respect to a particular beneficial interest in the
Notes, the Beneficial Owner of such interest must instruct the
broker or other Direct or Indirect Participant through which it
holds such interest to notify the Depository of its election to
exercise the repayment option. In addition, the Beneficial Owner
must effect delivery of such interest at the time such notice of
election is given to the Depository by causing the broker or other
Direct or Indirect Participant through which it holds such interest
to transfer such interest on the Depository's records to the
Corporate Trustee. Different firms have different deadlines for
accepting instructions from their customers and, accordingly, each
Beneficial Owner should consult the broker or other Direct or
Indirect Participant through which it holds an interest in the
Notes in order to ascertain the deadline by which such instruction
must be given in order for timely notice to be delivered to the
Depository.
