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NW Natural Renews Line of Credit.

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--Oct. 7, 2002

Northwest Natural Gas Company (NYSE:NWN), dba NW Natural, reported today that it has renewed its committed lines of credit with four commercial banks totaling $150,000,000.

The four banks are Bank of America, Bank One, U.S. Bank and Wells Fargo Bank. NW Natural's credit line backs up its commercial paper program offered through Wells Fargo. The renewed credit agreements were effective as of Oct. 1, 2002.

Half of the line of credit with each of the four banks is for a term of 364 days through Sept. 30, 2003, and the other half is for a term of two years through Sept. 30, 2004. The Company's line of credit in previous years had been entirely a 364-day facility. As in previous years, the line of credit is an unsecured facility.

NW Natural had no commercial paper outstanding, and no balances borrowed under the previous year's line of credit, at Sept. 30, 2002.

NW Natural, headquartered in Portland, serves about 550,000 natural gas customers in Oregon and southwest Washington.

Note: This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company's future operating results will be affected by various uncertainties and risk factors, many of which are beyond the Company's control, including governmental policy and regulatory action, the competitive environment and economic factors, as well as weather conditions. For a more complete description of these uncertainties and risk factors, see the Company's filings with the Securities and Exchange Commission on Form 10-K for the year ended Dec. 31, 2001, and on Form 10-Q for the quarters ended March 31 and June 30, 2002.
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Publication:Business Wire
Geographic Code:1USA
Date:Oct 7, 2002
Words:286
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