Obligation Cascadia 5.25% ( US147339AJ42 ) en USD

Société émettrice Cascadia
Prix sur le marché refresh price now   100 %  ⇌ 
Pays  Canada
Code ISIN  US147339AJ42 ( en USD )
Coupon 5.25% par an ( paiement semestriel )
Echéance 01/02/2035



Prospectus brochure de l'obligation Cascades US147339AJ42 en USD 5.25%, échéance 01/02/2035


Montant Minimal 1 000 USD
Montant de l'émission 30 000 000 USD
Cusip 147339AJ4
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Prochain Coupon 01/08/2025 ( Demain )
Description détaillée Cascades est une société mondiale de produits, de solutions et de services de papier tissu et de solutions d'emballage.

L'Obligation émise par Cascadia ( Canada ) , en USD, avec le code ISIN US147339AJ42, paye un coupon de 5.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/02/2035







http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
424B2 1 a2150207z424b2.htm 424B2
QuickLinks -- Click here to rapidly navigate through this document

As Filed Pursuant to Rule 424(b)(2) under
the Securities Act of 1933 Registration No. 333-69516


PROSPECTUS SUPPLEMENT

Ratings:
(To prospectus dated October 11,
Standard & Poor's: AAA
Moody's: Aaa
2001)
(See "Ratings" herein)
$30,000,000

5.25% Insured Quarterly Notes (IQ NotesSM*) due February 1, 2035
Interest on the notes is payable quarterly on February 1, May 1, August 1 and November 1 of each year,
beginning on May 1, 2005, and at maturity or earlier redemption.
The notes will mature on February 1, 2035 and bear interest at a rate of 5.25% per year. However, we can
redeem the notes, in whole or in part, at our option at any time on or after February 1, 2010, at a price equal to
100% of the principal amount being redeemed plus any unpaid accrued interest to the redemption date.
We will be required to redeem the notes, subject to individual and aggregate annual principal amount
limitations, at the option of the representative of any deceased beneficial owner of notes at a price equal to 100%
of the principal amount being redeemed plus any unpaid accrued interest to the redemption date, as described in
this prospectus supplement under the caption "Description of the Notes--Redemption Upon Death of a
Beneficial Owner".
The notes will be our unsecured obligations and will rank equally and ratably with all of our other unsecured
and unsubordinated debt.
Our timely payment of the regularly scheduled payments of the principal of, and interest on, the notes when
due, and of payments in connection with the mandatory redemption of notes at the option of the representative of
any deceased beneficial owner, will be insured by a financial guaranty insurance policy to be issued by MBIA
Insurance Corporation ("MBIA") simultaneously with the delivery of the notes.
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (1 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm

Proceeds,
Public
Underwriting
before


Offering


Discount
expenses, to
Price(1)
us
Per note

100.00%

3.15%

96.85%
Total

$30,000,000

$945,000

$29,055,000
(1)
Plus accrued interest from January 25, 2005, if settlement occurs after that date.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or
the accompanying prospectus. Any representation to the contrary is a criminal offense.
We expect that the notes will be ready for delivery in book-entry form only through the facilities of The
Depository Trust Company ("DTC") on or about January 25, 2005. The notes will not be listed on any national
securities exchange.
*IQ Notes is a service mark of Edward D. Jones & Co., L.P.

The date of this prospectus supplement is January 20, 2005.
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (2 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
TABLE OF CONTENTS
Prospectus Supplement
Page


Summary

S-1
Use of Proceeds

S-4
Where You Can Find More Information

S-4
Description of the Notes

S-5
The Reimbursement and Indemnity Agreement

S-9
The Financial Guaranty Insurance Policy and MBIA

S-9
Ratings

S-12
Underwriting

S-12
Preferred Stock Purchase Rights

S-13
Legal Opinions

S-13
Experts

S-13
Appendix A--Form of Redemption Request

A-1
Appendix B--Specimen Financial Guaranty Insurance Policy

B-1
Prospectus
Page


About this Prospectus and Prospectus Supplements

2
Forward-Looking Statements

3
Cascade Natural Gas Corporation

4
Where You Can Find More Information

4
Use of Proceeds

5
Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Dividend
Requirements

5
Description of Debt Securities

6
Description of Preferred Stock

17
Description of Common Stock

21
Plan of Distribution

23
Legal Matters

24
Experts

24
We are offering the notes described in this prospectus supplement under a registration statement we filed
with the U.S. Securities and Exchange Commission (the "SEC") on Form S-3, using a "shelf registration"
process. The registration statement became effective on October 11, 2001. This prospectus supplement should be
read together with the accompanying prospectus dated October 11, 2001, which was filed as part of that
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (3 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
registration statement. You should rely only on the information contained or incorporated by reference in this
prospectus supplement or the accompanying prospectus. No one has been authorized to provide you with
different or additional information. If anyone provides you with different or additional information, you should
not rely on it. We are not, and the underwriter is not, making an offer to sell the notes in any jurisdiction where
the offer to sell the notes is not permitted. You should assume that the information appearing in this prospectus
supplement and the accompanying prospectus, as well as information we previously filed with the SEC that is
incorporated in this prospectus supplement and the accompanying prospectus by reference, is accurate only as of
their respective dates. Our business, financial condition, results of operations and prospects may have changed
since those dates.
i
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (4 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
SUMMARY
The following summary is qualified in its entirety by reference to the detailed information appearing
elsewhere, or incorporated by reference, in this prospectus supplement and in the accompanying prospectus. You
should carefully read the entire prospectus supplement and the accompanying prospectus, including the
documents incorporated by reference into these documents.
Cascade Natural Gas Corporation
We were incorporated in the state of Washington in 1953. We distribute natural gas to customers in the
states of Washington and Oregon. As of September 30, 2004, we served approximately 214,026 customers in
those states. Customers in Washington account for approximately 81% of our gas distribution revenues.
As of September 30, 2004, we served approximately 184,300 residential customers, 29,000 commercial
customers and 726 industrial and other customers. Residential, commercial and most small industrial customers
are generally core customers, who take traditional bundled natural gas service, including supply, peaking service
and upstream interstate pipeline transportation. Non-core customers are generally large industrial and
institutional customers who have chosen unbundled service, meaning that they select from among several supply
and upstream pipeline transportation options, independent of our distribution service.
Our executive offices are located at 222 Fairview Avenue North, Seattle, Washington 98109. Our telephone
number is (206) 624-3900.
The Offering
Issuer
Cascade Natural Gas Corporation.
Notes Offered; Interest Rate
We are offering $30,000,000 principal amount of
notes, bearing interest at a rate of 5.25% per year.
Interest Payment Dates
We will pay interest on the notes quarterly in
arrears on February 1, May 1, August 1 and
November 1 of each year, beginning on May 1,
2005.
Record Dates
We will make interest payments to the holders of
notes who hold those notes as of the close of
business on the fifteenth calendar day of the month
immediately preceding the month in which each
interest payment date falls, as well as upon
presentation and surrender at maturity or earlier
redemption.
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (5 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
Date of Maturity
The notes will mature on February 1, 2035, unless
redeemed or otherwise repaid prior to that date.
Optional Redemption
We will have the option to redeem the notes, in
whole or in part, from time to time, on or after
February 1, 2010. The optional redemption price
for the notes will be 100% of the principal amount
being redeemed plus any unpaid accrued interest to
the redemption date.
Use of Proceeds
We estimate that the net proceeds from the
offering, after deducting the underwriting discount
and expenses payable by us, will be approximately
$28 million. We intend to use these proceeds to
repay short-term debt.


S-1
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (6 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
Redemption Option of a
We will be required to redeem the notes at the
Deceased
option of the representative of any deceased
Beneficial Owner's
beneficial owner of notes at a price equal to 100%
Representative
of the principal amount being redeemed plus any
unpaid accrued interest to the payment date;
provided, however, that the maximum principal
amount we will be required to redeem during the
initial period from the date of original issuance of
the notes through and including February 1, 2006,
and during each twelve-month period thereafter, is
$25,000 principal amount of notes per deceased
beneficial owner and an aggregate of $600,000 for
all deceased beneficial owners.
Insurance
The timely payment of the regularly scheduled
principal of and interest on the notes and, subject
to certain individual and aggregate annual principal
amount limitations referred to above, of any
payments in connection with the mandatory
redemption of notes at the option of the
representative of any deceased beneficial owner of
notes will be insured by a financial guaranty
insurance policy to be issued by MBIA, which will
be issued at the same time the notes are delivered.
Ranking
The notes will be our unsecured obligations and
will rank equally and ratably with all of our other
unsecured and unsubordinated debt.
Ratings
We anticipate that the notes will be rated "AAA"
by Standard & Poor's, a division of The McGraw-
Hill Companies, Inc., and "Aaa" by Moody's
Investors Service, Inc. A rating reflects only the
view of a rating agency and is not a
recommendation to buy, sell or hold the notes. Any
rating can be revised upward or downward or
withdrawn at any time by a rating agency if it
decides that circumstances warrant that change.
Trustee
The trustee under the indenture governing the notes
is The Bank of New York.
S-2
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (7 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
Summary Financial Information
(Dollars in Thousands)
The following summary financial information for the years ended September 30, 2004, 2003 and 2002 and
as of September 30, 2004, has been derived from our audited financial statements, which are incorporated in this
prospectus supplement and the accompanying prospectus by reference to our annual report on Form 10-K for the
year ended September 30, 2004. You should read the summary financial information in conjunction with, and it
is qualified in its entirety by reference to, the financial statements from which it has been derived and the
accompanying notes thereto incorporated by reference in this prospectus supplement and the accompanying
prospectus from our annual report on Form 10-K for the year ended September 30, 2004.
Year ended September 30,


2004
2003
2002




Statement of Income Data:



Operating revenues
$ 318,078 $ 302,755 $ 320,978
Operating income

33,247
26,291
29,163
Net income

13,302
9,104
10,762
At September 30, 2004



As Adjusted
Percentage As
Actual



(1)

Adjusted(1)
Balance Sheet Data:




Long-Term Debt (including current maturities) $ 142,900 $
172,900
59%
Common Shareholders' Equity
$ 118,514 $
118,514
41%





Total Capitalization
$ 261,414 $
291,414
100%
Short-Term Debt
$
33,500 $
5,380

Year ended


September 30,
2004
2003
2002




Ratio of Earnings to Fixed Charges(2)

2.61
2.06
2.27
(1)
Adjusted to reflect the issuance and sale of the notes, but not the repayment at maturity in October 2004
and January 2005 of $9 million of our medium-term notes, and the application of the net proceeds of the
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (8 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
notes as described under "Use of Proceeds."
(2)
For purposes of computing the consolidated ratios, "earnings" represent our net income from continuing
operations plus applicable income taxes and fixed charges, and "fixed charges" represent interest expense,
amortization of debt discount, premium and expense, and a portion of lease payments considered to
represent an interest factor.
S-3
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (9 of 36)1/25/2005 11:28:42 AM


http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes, after deducting the underwriting discount and
expenses payable by us, will be approximately $28 million. We intend to apply these proceeds toward the
repayment of short-term debt. As of January 14, 2005, we had approximately $32 million in short-term debt,
bearing interest at an average annual interest rate of 3.19%. A portion of the short-term debt to be repaid was
incurred to repay at maturity $31 million of medium-term notes, which matured between August 2004 and
January 2005 and had interest rates between 7.18% and 8.38% per year.
WHERE YOU CAN FIND MORE INFORMATION
We are subject to the informational requirements of the Securities Exchange Act of 1934 and, therefore, we
file annual, quarterly and current reports, proxy statements and other information with the SEC. Our filings are
available at the SEC's website at http://www.sec.gov. You may read and copy these materials at prescribed rates
at the SEC's public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549. You may call the SEC at
1-800-SEC-0330 for more information about the SEC's public reference room.
Our common stock is listed and traded on the New York Stock Exchange (symbol: CGC). Accordingly, our
SEC filings and other information about us can be inspected and copied at the offices of the New York Stock
Exchange, 20 Broad Street, New York, New York 10005.
The SEC allows us to "incorporate by reference" certain information that we file with them separately. This
means that we can disclose important information to you by referring you to those other documents. The
information incorporated by reference is an important part of this prospectus supplement. Any information that
we file with the SEC after the date of this prospectus supplement as part of an incorporated document will
automatically update and supersede the information contained in this prospectus supplement.
We incorporate by reference our Annual Report on Form 10-K for the fiscal year ended September 30, 2004
and our Current Reports filed on Form 8-K on October 5, 2004, November 8, 2004, November 12, 2004 and
January 14, 2005, which reports were previously filed with the SEC and contain important information about us
and our financial condition.
We also incorporate by reference any additional documents that we may file with the SEC under Sections 13
(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 after the date of this prospectus supplement but
prior to the termination of this offering.
You may request a copy of any document incorporated by reference, excluding exhibits (unless the exhibit
is specifically incorporated by reference into the document), at no cost, by writing or telephoning J.D. Wessling,
Chief Financial Officer, Cascade Natural Gas Corporation, 222 Fairview Avenue North, Seattle, Washington
98109 (telephone 206-624-3900). We make available free of charge, on or through our website, http://www.cngc.
com, our annual, quarterly and current reports, and any amendments to those reports, as soon as reasonably
practicable after electronically filing those reports with the SEC.
http://www.sec.gov/Archives/edgar/data/18072/000104746905001375/a2150207z424b2.htm (10 of 36)1/25/2005 11:28:42 AM


Document Outline