March 05, 2015 6:29 PM ET

Gas Utilities

Company Overview of Washington Gas Light Company

Company Overview

Washington Gas Light Company, a regulated public utility, sells and delivers natural gas in the United States. As of September 30, 2014, the company served 1.1 million retail customers in the District of Columbia, adjoining areas in Maryland and Virginia, and various cities and towns in the northern Shenandoah Valley of Virginia. Washington Gas Light Company was incorporated in 1848 and is based in Washington, the District of Columbia. Washington Gas Light Company operates as a subsidiary of WGL Holdings, Inc.

101 Constitution Avenue, N.W.

Washington, DC 20080

United States

Founded in 1848



Key Executives for Washington Gas Light Company

Chairman, Chief Executive Officer, Chairman of Executive Committee, Chairman of WGL Holdings Inc and Chief Executive Officer of WGL Holdings Inc
Age: 58
President, Chief Operating Officer, President of WGL Holdings Inc and Chief Operating Officer of WGL Holdings Inc
Age: 57
Chief Financial Officer, Senior Vice President, Chief Financial Officer of WGL Holdings Inc and Senior Vice President of Wgl Holdings Inc
Age: 55
Senior Vice President, Corporate Secretary, General Counsel, Senior Vice President of WGL Holdings Inc, Corporate Secretary of WGL Holdings Inc and General Counsel of WGL Holdings Inc
Age: 56
Senior Vice President of Strategy, Business Development & Non-Utility Operations and Senior Vice President of Strategy, Business Development & Non-Utility Operations - WGL Holdings Inc
Age: 48
Compensation as of Fiscal Year 2014.

Washington Gas Light Company Key Developments

Washington Gas Light Company, Annual General Meeting, Mar 03, 2015

Washington Gas Light Company, Annual General Meeting, Mar 03, 2015., at 11:30 US Eastern Standard Time. Location: at the National Press Club, 529 14th St., N.W.. Agenda: To elect the nine directors nominated by Board of Directors; to consider and act on an advisory vote approving the compensation paid to certain executive officers; to ratify the appointment of Deloitte & Touche LLP as the company's independent public accounts for fiscal year 2015; and to transact any other business properly brought before the meeting and any adjournment or postponement thereof.

WGL Holdings Inc. and Washington Gas Light Company Enter into First Amendment to the Credit Agreement

On December 19, 2014, WGL Holdings Inc. and Washington Gas Light Company each entered into a first amendment to credit agreement relating to its respective credit agreement, each dated April 3, 2012. The amendments extend the maturity date of the credit facilities until December 19, 2019, provided that the credit facilities will terminate on September 30, 2017 if Washington Gas does not obtain an extension of a regulatory approval authorizing the incurrence of short-term indebtedness. Each facility has two one-year extension options. The amendments also clarify the calculation of the minimum interest rate on base rate loans and make miscellaneous other changes relating to compliance with anti-corruption laws and other matters. The credit facility for WGL Holdings permits it to borrow up to $450 million, and further permits, with the lenders' approval, additional borrowings of $100 million for a maximum potential total of $550 million. The credit facility for Washington Gas permits it to borrow up to $350 million, and further permits, with the lenders' approval, additional borrowings of $100 million for a maximum potential total of $450 million. The available borrowings and, other than, the applicable interest rates under the credit facilities remain unchanged. The lenders under the credit facilities are Wells Fargo Bank, National Association; The Bank of Tokyo-Mitsubishi UFJ Ltd.; Branch Banking and Trust Company; TD Bank, N.A.; Royal Bank of Canada; U.S. Bank, National Association; and the Bank of New York Mellon.

Washington Gas Light Co. Enters to Note Purchase Agreement

Washington Gas Light entered into a Note Purchase Agreement with New York Life Insurance and Annuity Corporation and New York Life Insurance Company, as Purchasers, providing for the issuance and sale by the Company to the Purchasers of $50,000,000 aggregate principal amount of the Company’s 4.24% Notes due December 15, 2044. The Company issued the Notes to the Purchasers in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended in reliance on Section 4(a)(2) of the Securities Act. The proceeds from the offering will be added to the Company’s funds and will be available for general corporate purposes, such as to the acquisition of property and working capital requirements, and to pay placement fees in connection with the transaction. The Notes will bear interest at a rate of 4.24% per year on the principal amount of the Notes, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2015. The Notes will mature on December 15, 2044. The Note Purchase Agreement contains covenants, including a limitation on the consolidated financial indebtedness of the Company and its subsidiaries and a limitation on the issuance by the Company of mortgage bonds and the creation of a first mortgage lien on certain property unless the Company makes provision for the Notes to be secured equally and ratably with such mortgage bonds or with all other obligations and indebtedness secured by such first mortgage lien. The Note Purchase Agreement also contains other customary representations, warranties and agreements by the Company, customary conditions to closing, and other obligations of the parties.

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Private Placement
December 15, 2014

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