Pricing Supplement No. 020 Filing under Rule 424(b)(2)
Dated April 14, 1997 Registration No. 333-22347
(To Prospectus dated March 18, 1997, supplemented by Prospectus Supplement
dated March 21, 1997)
$300,000,000
NIPSCO CAPITAL MARKETS, INC.
Medium-Term Notes
Due Nine Months or More From Date of Issue
____________________
Entitled to the benefit of a Support Agreement
Providing for the Payment of Principal and Interest by
NIPSCO Industries, Inc.
____________________
Principal Amount: $5,000,000
Trade Date: April 11, 1997
Original Issue Date: April 16, 1997
Interest Rate: 7.69%
Stated Maturity Date: April 15, 2005
Form : XX Book Entry ___ Certified
Interest Payment Date(s): March 15, and September 15
Specified Currency: U.S. Dollars
Selling Agent s Commission: $30,000
Net Proceeds to the Company: $4,970,000
The Medium-Term Note described in this Pricing Supplement is being sold through
Goldman, Sachs & Co., as Agent.
Prior to the date of this Pricing Supplement, $186,000,000 Medium-Term Notes
have been sold. Concurrently herewith, the company is also selling (1)
$15,000,000 aggregate principal amount of Medium-Term Notes with a Stated
Maturity Date of April 17, 2006 and bearing an interest rate of 7.75% at the
initial price to the public equal to 100% of par, less a fee to Merrill
Lynch & Co., as Agent, equal to 0.600%; (2) $20,000,000 aggregate principal
amount of Medium-Term Notes with a Stated Maturity Date of April 15, 2005
and bearing an interest rate of 7.68% at the initial price to the public
equal to 100% of par, less a fee to Morgan Stanley & Co. Incorporated, as
Agent, equal to 0.600%; and (3) $5,000,000 aggregate principal amount of
Medium-Term Notes with a Stated Maturity Date of April 16, 2008 and bearing
an interest rate of 7.79% at the initial price to the public equal to 100%
of par, less a fee to Merrill Lynch & Co., as Agent, equal to 0.625%.
Goldman, Sachs & Co.
Merrill Lynch & Co.
Morgan Stanley & Co. Incorporated
