CN Announces US$700 Million Debt Offering

Executive Summary

• CN announced a $700 million public debt offering consisting of $300 million of 4.200% senior notes due 2031 and $400 million of 4.750% senior notes due 2035.
• Net proceeds will be used to repay the $500 million principal amount of its 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.

Key Details

• Offering Size: US$700 million total.
• Notes Structure:
• $300 million aggregate principal amount of 4.200% senior notes due 2031.
• $400 million aggregate principal amount of 4.750% senior notes due 2035.
• Use of Proceeds:
• Repayment at maturity of the entire $500 million principal balance of CN’s 2.75% notes due March 2026.
• General corporate purposes, including repayment of commercial paper.
• Closing Date: Anticipated closing on November 12, 2025, subject to customary conditions.
• Shelf Registration: Offering made under an effective shelf registration statement dated April 2, 2024 (U.S.).
• Joint Bookrunners: BofA Securities, Inc.; J.P. Morgan Securities LLC; RBC Capital Markets, LLC; Wells Fargo Securities, LLC.
• Syndicate Members: 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: Contact information provided for BofA, J.P. Morgan, RBC Capital Markets, and Wells Fargo to obtain the prospectus supplement and accompanying prospectus.

Notable Quotes

(No executive quotes were included in this release.)