Pricing Supplement No. 7 Filing under Rule 424(b)(3)
Dated November 4, 1998 Registration No. 333-15323
(To Prospectus dated May 1, 1997)
$165,000,000
NORTHWEST NATURAL GAS COMPANY
SECURED MEDIUM-TERM NOTES, SERIES B
(A SERIES OF FIRST MORTGAGE BONDS)
AND
UNSECURED MEDIUM-TERM NOTES, SERIES B
Due from Nine Months to 30 Years from Date of Issue
CUSIP No.: 66765R BC 9
Secured X Unsecured
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Principal amount ($): $20,000,000
Issue price (%): 100.000%
Selling Agent's commission (%): .450%
Proceeds to Company (%): 99.550%
Repayable at the option of holder: Yes No X
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Repayment Date: Not Applicable
Repayment Price: Not Applicable
Election Period: Not Applicable
Other Terms: Not Applicable
Agency Transaction |X|*
or
Principal Transaction |X|*
Name of Principal(s): Merrill Lynch & Co. - $5,000,000 aggregate
principal amount
PaineWebber Incorporated - $1,500,000
aggregate principal amount
Selling Agent(s): Merrill Lynch & Co. X
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PaineWebber Incorporated X
---
Stated interest rate (%): 5.55%
Maturity date: November 12, 2002
Original issue date: November 9, 1998
Redeemable: Yes No X
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In whole
---
In whole or in part
---
Initial redemption date: Not Applicable
Initial redemption price: Not Applicable
Reduction Percentage: Not Applicable
Redemption limitation date: Not Applicable
*$13,500,000 aggregate principal amount of the Notes are being offered directly
by Northwest Natural Gas Company through PaineWebber Incorporated, acting as
agent for Northwest Natural Gas Company. $6,500,000 aggregate principal amount
of the Notes have been sold to Merrill Lynch & Co. and PaineWebber Incorporated,
as principal, in the principal amounts set forth opposite each of their names
under "Name of Principal(s)" above, for resale to purchasers upon terms
described in the Prospectus, dated May 1, 1997 and this Pricing Supplement; such
Notes are being offered by the Agent(s), as principal, at a price to the public
set forth above under "Issue Price (%)"; the Notes were purchased by the
Agent(s), as principal, from Northwest Natural Gas Company at the price set
forth above under "Proceeds to Company (%)"; and the Agent(s) received a fee
equal to the difference, which is set forth above under "Selling Agent's
commission (%)" as a percentage of the principal amount of the Notes.
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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.
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