Northwest Natural Holding Co Issues $120M of First Mortgage Bonds

What Happened

• Northwest Natural Holding Co disclosed that its wholly owned subsidiary, Northwest Natural Gas Company, issued and sold $120,000,000 total principal of first mortgage bonds on September 3, 2026. The offering comprised $60,000,000 of 5.62% Series due September 3, 2036 and $60,000,000 of 6.26% Series due September 3, 2056. The sales were made to institutional investors under an exemption from registration (Section 4(a)(2) of the Securities Act).

Key Details

• $60M — First Mortgage Bonds, 5.62% interest, due September 3, 2036; interest paid semi‑annually March 3 and September 3, beginning March 3, 2027.
• $60M — First Mortgage Bonds, 6.26% interest, due September 3, 2056; interest paid semi‑annually March 3 and September 3, beginning March 3, 2027.
• Redemption terms — redeemable prior to certain dates at a make‑whole premium; callable at par on or after June 3, 2036 (2036 series) and March 3, 2056 (2056 series).
• Issuance pursuant to the Twenty‑ninth Supplemental Indenture to NW Natural’s Mortgage and Deed of Trust with Deutsche Bank Trust Company Americas as trustee (Twenty‑ninth Supplemental Indenture filed as Exhibit 4.1).

Why It Matters

• This transaction increases NWN’s consolidated long‑term debt by $120 million and adds fixed interest obligations at 5.62% and 6.26%, which will affect future interest expense and cash flow requirements.
• The maturities (2036 and 2056) and call features inform refinancing risk and flexibility; investors should note the timing of interest payments and redemption windows when assessing NWN’s capital structure and balance sheet risk.