CN announces C$1.25 billion debt offering

CN today announced a public debt offering of C$700 million 4.60% Notes due 2029, and C$550 million 5.10% Notes Due 2054. CN expects to close the offering on May 2, 2024, 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 Canada under CN's base shelf prospectus dated April 2, 2024.

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.

The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent an applicable exemption from the registration requirements.

Access to the prospectus supplement and the corresponding base shelf prospectus and any amendment thereto in connection with this offering is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment thereto. The prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with this offering will be accessible within two business days at www.sedarplus.ca.

An electronic or paper copy of the prospectus supplement, the corresponding base shelf prospectus and any amendment thereto may be obtained from any one of the joint bookrunners, without charge, by contacting BMO Nesbitt Burns Inc. by email at [email protected], RBC Dominion Securities Inc. by email at [email protected], Scotia Capital Inc. by email at [email protected] or TD Securities Inc. by email at [email protected], and by providing the contact with an email address or mailing address, as applicable.