CN announces US$600-million debt offering
April 29 2020 - 6:00PM
CN (TSX: CNR) (NYSE: CNI) today announced a public debt offering of
US$600 million 2.450% Notes due 2050. CN expects to close the
offering on May 1, 2020, subject to customary closing conditions.
CN plans to use the net proceeds from the
offering for general corporate purposes, including 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 that was
filed by CN on February 11, 2020. The joint book-running
managers of the debt offering are: BofA Securities, Inc., Citigroup
Global Markets Inc., Scotia Capital (USA) Inc. and Wells Fargo
Securities, LLC. The co-managers of the debt offering are:
RBC Capital Markets, LLC, BMO Capital Markets Corp., BNP Paribas
Securities Corp., Desjardins Securities Inc., HSBC Securities (USA)
Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America,
Inc., TD Securities (USA) LLC. and U.S. Bancorp Investments,
Inc.
A copy of the prospectus supplement and the
accompanying prospectus for the offering may be obtained by
contacting: BofA Securities, Inc., 200 North College Street
NC1-004-03-43, Charlotte NC 28255-0001, Attention: Prospectus
Department, toll free: 1-800-294-1322, e-mail:
dg.prospectus_requests@bofa.com; 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; Scotia Capital (USA)
Inc., 250 Vesey Street, New York, New York 10281, Attention:
Syndicate Desk, toll free: 1-800-372-3930; or Wells Fargo
Securities, LLC, 608 2nd Avenue South, Suite
1000, Minneapolis, MN 55402, Attention: WFS Customer
Service, toll free: 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.
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, including statements relating 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. The Company 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 risks, uncertainties and other factors which
may cause the actual results or performance of the Company to be
materially different from the outlook or any future results or
performance 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 include, but are not limited to, the effects of a
pandemic outbreak of a contagious illness; general economic and
business conditions, particularly in the context of the COVID-19
pandemic; 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; and other
risks detailed from time to time in reports filed by CN with
securities regulators in Canada and the United States. Reference
should be made to Management’s Discussion and Analysis (MD&A)
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.
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.
Contacts:
Media |
Investors |
Jonathan Abecassis |
Paul Butcher |
Senior Manager |
Vice-President |
Media Relations |
Investor Relations |
514 399-7956 |
514 399-0052 |
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