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Northwest Natural Holding Company Completes Offering of Junior Subordinated Debentures

03.21.25

Simpson Thacher recently represented the underwriters, led by J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, in an offering by Northwest Natural Holding Company (“NW Natural Holdings”) of $325 million aggregate principal amount of Junior Subordinated Debentures due September 15, 2055. NW Natural Holdings intends to use the net proceeds of the offering for general corporate purposes, including repayment of its term loan facility used to finance its acquisition of SiEnergy Operating, LLC (“SiEnergy”).

NW Natural Holdings is a public utility holding company headquartered in Portland, Oregon, which, through its largest subsidiary, Northwest Natural Gas Company, provides natural gas distribution service to approximately two million people in more than 140 communities through approximately 806,000 meters in Oregon and Southwestern Washington. SiEnergy is one of the fastest growing natural gas distribution utilities in the nation, serving approximately 70,000 customers in the greater metropolitan areas of Houston, Dallas and Austin, Texas. NW Natural Water provides water distribution and wastewater services to communities throughout the Pacific Northwest, Texas, Arizona and California. NW Natural Renewables is committed to leading in the energy transition by providing renewable fuels.

The Simpson Thacher team that worked on the transaction included Brian Rosenzweig, Julie Ledermann, Maggie Selbe and Andrew Scattergood (Capital Markets); Andrew Pagliughi (FINRA and Blue Sky); and Michael Mann (Tax).