NORTHWEST NATURAL GAS COMPANY (NYSE:NWN) Files An 8-K Other Events
Item 8.01
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Other Events.
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issued and sold 1,012,000 shares of its common stock (the Shares)
to a registration statement on Form S-3 (Registration Statement
No. 333-214496) of the Company, which became effective
automatically upon filing with the Securities and Exchange
Commission on November 8, 2016, and a Prospectus Supplement,
dated November 10, 2016, to a Prospectus, dated November 8, 2016.
NW Natural received net offering proceeds, after deducting the
underwriters discounts and commissions and estimated expenses
payable by NW Natural, of approximately $53.0 million. NW Natural
intends that the net proceeds will be used for general corporate
purposes, primarily to fund, in part, NW Naturals ongoing utility
construction program. A portion of the net proceeds may be used
to reduce NW Naturals short-term indebtedness (commercial paper).
The Shares included the full exercise of the over-allotment
option granted to the underwriters for the offering. NW Natural
is filing this Current Report on Form 8-K to report as exhibits
certain documents in connection with the offering.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit
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Description
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1.1
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Underwriting Agreement, dated November 10, 2016, by and
among NW Natural and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC, as representatives of the several underwriters named therein. |
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5(a)
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Opinion of MardiLyn Saathoff, Esquire, regarding the
validity of the securities. |
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5(b)
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Opinion of Morgan, Lewis Bockius LLP, regarding the
validity of the securities. |
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About NORTHWEST NATURAL GAS COMPANY (NYSE:NWN)
Northwest Natural Gas Company is engaged in the distribution of natural gas. The Company’s segments include Local Gas Distribution, Gas Storage and other. The Company maintains operations in Oregon, Washington and California and conducts businesses through NW Natural and its subsidiaries. The local gas distribution business, referred to as the utility segment, serves residential, commercial, and industrial customers in Oregon and southwest Washington. The Company gas storage business, referred to as the gas storage segment, provides storage services for utilities, gas marketers, electric generators and industrial users from storage facilities located in Oregon and California. The Company’s other segment is referred to as non-utility and consists of non-utility investments and other business activities. The other segment consists of an equity method investment in Trail West Holdings, LLC (TWH) and other pipeline assets in NNG Financial Corporation. NORTHWEST NATURAL GAS COMPANY (NYSE:NWN) Recent Trading Information
NORTHWEST NATURAL GAS COMPANY (NYSE:NWN) closed its last trading session up +0.15 at 56.35 with 271,601 shares trading hands.