Pricing Supplement No. 5 Filing under Rule 424(b)(3)
Dated March 12, 1998 Registration No. 333-15323
(To Prospectus dated May 1, 1997)
$165,000,000
NORTHWEST NATURAL GAS COMPANY
SECURED MEDIUM-TERM NOTES, SERIES B
(A SERIES OF FIRST MORTGAGE BONDS)
AND
UNSECURED MEDIUM-TERM NOTES, SERIES B
Due from Nine Months to 30 Years from Date of Issue
CUSIP No.: 66765R BA 3 Selling Agent(s):
Merrill Lynch & Co.
---
PaineWebber Incorporated X
---
Secured X Unsecured Stated interest rate (%): 6.60%
--- ----
Principal amount ($): $22,000,000 Maturity date: March 16, 2018
Issue price (%): 100.000% Original issue date: March 17, 1998
Selling Agent's commission (%): .750% Redeemable: Yes No X
--- ---
Proceeds to Company (%): 99.250% In whole
In whole or in part
Repayable at the option of holder:
Yes No X
--- --- Initial redemption date:
Not Applicable
Repayment Date: Not Applicable
Initial redemption price:
Not Applicable
Repayment Price: Not Applicable
Reduction Percentage:
Not Applicable
Election Period: Not Applicable
Redemption limitation date:
Not Applicable
Other Terms: Not Applicable
Agency Transaction |X|*
or
Principal Transaction |_|*
Name of Principal(s): Not Applicable
*If the Agency Transaction box is checked, the Notes are being offered directly
by Northwest Natural Gas Company through any Agent, acting as agent for
Northwest Natural Gas Company. If the Principal Transaction box is checked,
however, the Notes have been sold to the Agent(s), as principal, for resale to
purchasers upon terms described in the Prospectus, dated May 1, 1997 and this
Pricing Supplement. If the Principal Transaction box is checked, the 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.
--------------------------------------
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.
-----------------------------
<PAGE>
