Pricing supplement no. 2 Filing under Rule 424(b)(3)
dated September 10, 1999 Registration No. 333-64777
(To prospectus dated January 14, 1999)
$123,000,000
NORTHWEST NATURAL GAS COMPANY
SECURED MEDIUM-TERM NOTES, SERIES B
(A SERIES OF FIRST MORTGAGE BONDS)
AND
UNSECURED MEDIUM-TERM NOTES, SERIES B
Due from Nine Months to 30 Years from Date of Issue
CUSIP No.: 66765R BE 5 Selling Agent(s): Merrill Lynch
& Co. X
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PaineWebber Incorporated ___
Secured X Unsecured
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Stated interest rate (%): 6.75%
Principal amount ($): $10,000,000
Maturity date: September 16, 2002
Issue price (%): 100.000%
Original issue date: September
15, 1999
Selling Agent's commission (%): .350%
Interest payment dates: June 1
and December 1,
Proceeds to Company (%): 99.650% commencing December 1, 1999
Repayable at the option of holder: Regular record dates:
Yes No X May 15 and November 15
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Repayment Date: Not Applicable Redeemable: Yes No X
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In whole ___
Repayment Price: Not Applicable In whole or in part ___
Election Period: Not Applicable Initial redemption date: Not
Applicable
Other Terms: Not Applicable Initial redemption price: Not
Applicable
Reduction Percentage: Not
Applicable
Redemption limitation date: Not
Applicable
Agency Transaction (*)
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or
Principal Transaction X (*)
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Name of Principal(s): Merrill Lynch & Co.
*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 January 14, 1999 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.
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NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF
THIS PRICING SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS IS TRUTHFUL OR COMPLETE.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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