Pricing Supplement No. 4 Filing under Rule 424(b)(3)
dated November 18, 2003 Registration No. 333-100326
(To prospectus dated January 15, 2003)
$150,000,000
NORTHWEST NATURAL GAS COMPANY
SECURED MEDIUM-TERM NOTES, SERIES B
(A SERIES OF FIRST MORTGAGE BONDS)
AND
UNSECURED MEDIUM-TERM NOTES, SERIES B
Due from Nine Months to 30 Years from Date of Issue
CUSIP No.: 66765R BT 2 Stated interest rate (%): 4.11%
Secured X Unsecured Maturity date: November 22, 2010
--- ---
Principal amount ($): $10,000,000 Original issue date: November 21, 2003
Issue price (%): 100.000% Interest payment dates: June 1 and December 1,
commencing June 1, 2004
Selling Agent's commission (%): 0.600%
Regular record dates: May 15 and November 15
Proceeds to Company (%): 99.400%
Redeemable: Yes X No
--- ---
Repayable at the option of holder: Yes No X In whole
--- --- ---
In whole or in part X
---
Repayment Date: Not Applicable
Fixed redemption price: Yes No X
--- ---
Repayment Price: Not Applicable
Initial redemption date: Not Applicable
Election Period: Not Applicable
Initial redemption price: Not Applicable
Other Terms: Not Applicable
Reduction Percentage: Not Applicable
Selling Agent(s):
Redemption limitation date: Not Applicable
Merrill Lynch & Co.
---
UBS Warburg LLC X Make-Whole Redemption Price: Yes X No
--- --- ---
Banc One Capital Markets, Inc.
---
U.S. Bancorp Piper Jaffray Inc. Make-Whole Spread: 0.10%
---
Agency Transaction |_|*
or
Principal Transaction |X|*
Name of Principal(s): UBS Warburg LLC
*If the Agency Transaction box is checked, the notes are being offered directly
by Northwest Natural Gas Company through any Agent, acting as agent for
Northwest Natural Gas Company. If the Principal Transaction box is checked,
however, the notes have been sold to the Agent(s), as principal, for resale to
purchasers upon terms described in the prospectus, dated January 15, 2003 and
this pricing supplement. If the Principal Transaction box is checked, the notes
are being offered by the Agent(s), as principal, at a price to the public set
forth above under "Issue price (%)"; the notes were purchased by the Agent(s),
as principal, from Northwest Natural Gas Company at the price set forth above
under "Proceeds to Company (%)"; and the Agent(s) received a fee equal to the
difference, which is set forth above under "Selling Agent's commission (%)" as
a percentage of the principal amount of the notes.
______________________________________
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF
THIS PRICING SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS IS TRUTHFUL OR COMPLETE.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
______________________________________