CN Announces US$750 Million Debt Offering
September 16 2024 - 6:45PM
CN (TSX: CNR) (NYSE: CNI) today announced a public debt offering of
US$750 million aggregate principal amount of 4.375% Notes due
2034. CN expects to close the offering on September 18, 2024,
subject to the satisfaction of 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 April
2, 2024.
The joint book-running managers of the debt
offering are: BNP Paribas Securities Corp., J.P. Morgan Securities
LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC. The
senior co-managers of the debt offering are: BofA Securities, Inc.,
BMO Capital Markets Corp., Scotia Capital (USA) Inc., SMBC Nikko
Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp
Investments, Inc. The co-managers of the debt offering are: CIBC
World Markets Corp., Desjardins Securities Inc. and Morgan Stanley
& Co. LLC.
A copy of the prospectus supplement and the
accompanying prospectus for the offering may be obtained by
contacting: BNP Paribas Securities Corp., 787 7th Avenue, New York,
New York 10019, Telephone: 1-800-854-5674; J.P. Morgan Securities
LLC, c/o Broadridge Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717, Telephone: 1-212-834-4533; or Wells Fargo
Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN
55402 Attn: WFS Customer Service, Telephone: 1-800-645-3751, Email:
wfscustomerservice@wellsfargo.com.
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 CNCN powers the economy
by safely transporting more than 300 million tons of natural
resources, manufactured products, and finished goods throughout
North America every year for its customers. With its nearly
20,000-mile rail network and related transportation services, CN
connects Canada’s Eastern and Western coasts with the U.S. Midwest
and the Gulf of Mexico, contributing to sustainable trade and the
prosperity of the communities in which it operates since 1919.
Forward-Looking
StatementsCertain 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 and 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; reputational risks; supplier concentration; pension
funding requirements and volatility; 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
incorporated by reference into 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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