Northwest Natural Holding Co. priced its public offering of 1,250,000 common shares at $67 apiece. It expects to close the issuance June 7.
Underwriters were given a 30-day option to buy up to 187,500 additional common shares, the company said in a June 4 news release.
NW Natural Holdings will use the net proceeds from the offering to make equity contributions to its gas utility subsidiary Northwest Natural Gas Co. and water utility subsidiary NW Natural Water Co. LLC. The contributions 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 are the book-running managers of the offering, and BMO Capital Markets is co-manager.
NW Natural Gas serves about 2 million people through over 750,000 meters in Oregon and southwestern Washington.