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NW Natural Holdings launches common share offering

Northwest Natural Holding Co. launched a public offering of 1,250,000 common shares.

It will use net proceeds for general corporate purposes.

Underwriters would be given a 30-day option to buy up to 187,500 additional common shares, the company said in a June 4 news release.

The company plans to make equity contributions to gas utility subsidiary Northwest Natural Gas Co. and water utility subsidiary NW Natural Water Co. LLC. The contributions to the subsidiaries would go to general corporate purposes, with NW Natural Gas likely to use a portion to repay short-term debt, according to the release.

J.P. Morgan, RBC Capital Markets and Wells Fargo Securities served as book-running managers of the offering, and BMO Capital Markets acted as co-manager.

NW Natural Gas serves about 2 million people in Oregon and southwestern Washington.