CN (TSX: CNR) (NYSE: CNI) today announced a public debt offering of
US$600 million comprised of US$300 million 5.850% Notes due 2033
and US$300 million 6.125% Notes due 2053. CN expects to close the
offering on November 1, 2023, subject to customary closing
conditions.
CN plans to use the net proceeds from the
offering for general corporate purposes, which may include the
redemption and refinancing of outstanding indebtedness, share
repurchases, acquisitions and other business opportunities.
The debt offering is being made in the United
States under an effective shelf registration statement dated May 4,
2022.
The joint book-running managers of the debt
offering are: Citigroup Global Markets Inc., J.P. Morgan Securities
LLC, U.S. Bancorp Investments, Inc. and BNP Paribas Securities
Corp. The senior co-managers of the debt offering are: BofA
Securities, Inc., BMO Capital Markets Corp., RBC Capital Markets,
LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells
Fargo Securities, LLC. The co-managers of the debt offering are:
CIBC World Markets Corp., Desjardin Securities Inc. and SMBC Nikko
Securities America, Inc.
A copy of the prospectus supplement and the
accompanying prospectus for the offering may be obtained by
contacting: Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention:
Prospectus Department, toll free: 1-800-831-9146, email:
prospectus@citi.com; J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
Attention: Prospectus Department, or by calling 1-866-803-9204;
U.S. Bancorp Investments, Inc., 214 N. Tryon St., 26th Floor,
Charlotte, NC 28202, or by telephone at 1-877-558-2607; or BNP
Paribas Securities Corp., 787 7th Avenue, New York, New York 10019,
or by calling 1-800-854-5674.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
will there be any sale of these securities, in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About CN
CN is a world-class transportation leader and
trade enabler. Essential to the economy, to the customers, and to
the communities it serves, CN safely transports more than 300
million tons of natural resources, manufactured products, and
finished goods throughout North America every year. CN’s network
connects Canada’s Eastern and Western coasts with the U.S. South
through an 18,600-mile rail network. CN and its affiliates have
been contributing to community prosperity and sustainable trade
since 1919. CN is committed to programs supporting social
responsibility and environmental stewardship.
Forward-Looking Statements
Certain statements included in this news release
constitute “forward-looking statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
under Canadian securities laws, relating, but not limited to,
statements relating to potential debt refinancing as well as with
respect to the timing and completion of the proposed debt offering,
which is subject to customary termination rights and closing
conditions. By their nature, forward-looking statements involve
risks, uncertainties and assumptions. CN cautions that its
assumptions may not materialize and that current economic
conditions render such assumptions, although reasonable at the time
they were made, subject to greater uncertainty. Forward-looking
statements may be identified by the use of terminology such as
“believes”, “expects”, “anticipates”, “assumes”, “outlook”,
“plans”, “targets” or other similar words.
Forward-looking statements are not guarantees of
future performance and involve risks, uncertainties and other
factors which may cause actual results, performance or achievements
of CN to be materially different from the outlook or any future
results, performance or achievements implied by such statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements. Important risk factors that could
affect the forward-looking statements in this news release include,
but are not limited to, general economic and business conditions,
including factors impacting global supply chains such as pandemics
and geopolitical conflicts and tensions; industry competition;
inflation, currency and interest rate fluctuations; changes in fuel
prices; legislative and/or regulatory developments; compliance with
environmental laws and regulations; actions by regulators;
increases in maintenance and operating costs; security threats;
reliance on technology and related cybersecurity risk; trade
restrictions or other changes to international trade arrangements;
transportation of hazardous materials; various events which could
disrupt operations, including illegal blockades of rail networks,
and natural events such as severe weather, droughts, fires, floods
and earthquakes; climate change; labor negotiations and
disruptions; environmental claims; uncertainties of investigations,
proceedings or other types of claims and litigation; risks and
liabilities arising from derailments; timing and completion of
capital programs; the availability of and cost competitiveness of
renewable fuels and the development of new locomotive propulsion
technology; and other risks detailed from time to time in reports
filed by CN with securities regulators in Canada and the United
States. Reference should also be made to Management’s Discussion
and Analysis in CN’s annual and interim reports, Annual Information
Form and Form 40-F, filed with Canadian and U.S. securities
regulators and available on CN’s website, for a description of
major risk factors relating to CN.
Forward-looking statements reflect information
as of the date on which they are made. CN assumes no obligation to
update or revise forward-looking statements to reflect future
events, changes in circumstances, or changes in beliefs, unless
required by applicable securities laws. In the event CN does update
any forward-looking statement, no inference should be made that CN
will make additional updates with respect to that statement,
related matters, or any other forward-looking statement.
Information contained on, or accessible through, our website is not
part of this news release.
Contacts:
Media |
Investment Community |
Jonathan Abecassis |
Stacy Alderson |
Director, Public Affairs and |
Assistant Vice-President |
Media Relations |
Investor Relations |
(438) 455-3692media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
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