Canadian National Railway announces two-tranche debt offering of US$700M, comprised of US$300M 1.45% notes due 2016, US$400M 2.85% notes due 2021; company expects to close offering Nov. 15

Alison Gallant

Alison Gallant

Nov 7, 2011 – PRNewswire

MONTREAL , November 7, 2011 (press release) – CN (TSX:CNR.to - News) (NYSE:CNI - News) today announced a public two-tranche debt offering of US$700 million, comprised of US$300 million 1.45% Notes due 2016, and US$400 million 2.85% Notes due 2021. CN expects to close the offering on Nov. 15, 2011.

CN plans to use the net proceeds from the offering to repay all of its outstanding commercial paper and for general corporate purposes, including the partial financing of its share repurchase program.

The debt offering is being made in the United States under the shelf registration statement CN filed on Nov. 4, 2011. Book-running managers of the debt offering are Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. Other managers are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC.

A copy of the prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, N.Y., 11220, toll free: 1-877-858-5407; or J.P. Morgan Securities LLC, 383 Madison Avenue, New York, N.Y., 10179, collect: 1-212-834-4533.

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