CN arranges $700-million (U.S.) note offering

Executive Summary

• Canadian National Railway Company (CN) announced a $700 million U.S. dollar public debt offering consisting of $300 million of 4.200% notes due 2031 and $400 million of 4.750% notes due 2035.
• Net proceeds will be used to repay the outstanding $500 million principal amount of CN’s 2.75% notes due March 2026 and for general corporate purposes, including repayment of commercial paper.
• The offering is expected to close on November 12, 2025, subject to customary closing conditions, under a shelf registration statement dated April 2, 2024.

Key Details

• Offering Size: $700 million total aggregate principal amount.
• Notes Structure:
• $300 million of 4.200% senior unsecured notes due 2031.
• $400 million of 4.750% senior unsecured notes due 2035.
• Use of Proceeds:
• Repayment at maturity of the entire $500 million principal amount of existing 2.75% notes due March 2026.
• General corporate purposes, including repayment of commercial paper.
• Closing Date: Anticipated on November 12, 2025, subject to customary closing conditions.
• Registration: Offering made in the United States under an effective shelf registration statement dated April 2, 2024.
• Joint Bookrunners / Syndicate Members:
• BofA Securities Inc.
• J.P. Morgan Securities LLC
• RBC Capital Markets LLC
• Wells Fargo Securities LLC
• Additional syndicate participants: BMO Capital Markets Corp., BNP Paribas Securities Corp., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., CIBC World Markets Corp., Desjardins Securities Inc., Morgan Stanley & Co. LLC, TD Securities (USA) LLC.
• Prospectus Access: Prospectus supplement and accompanying prospectus available through the listed contacts at BofA Securities, J.P. Morgan Securities, RBC Capital Markets, and Wells Fargo Securities.

Notable Quotes

(No executive quotes were provided in the release.)