MONTREAL, July 28, 2016 /PRNewswire/ - CN (TSX: CNR) (NYSE:
CNI) today announced a public debt offering of US$650 million 3.20% Notes due 2046. CN
expects to close the offering on Aug. 2,
2016, 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, and share repurchases.
The debt offering is being made in the
United States under an effective shelf registration
statement CN filed on Jan. 5, 2016.
The joint book-running managers of the debt offering are:
Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital
Markets, LLC, and Wells Fargo Securities, LLC. The
co-managers of the debt offering are Citigroup Global Markets Inc.,
HSBC, BMO Capital Markets, BNP PARIBAS, MUFG, Scotiabank, SMBC
Nikko, TD Securities, and US Bancorp.
A copy of the prospectus supplement and the accompanying
prospectus for the offering may be obtained by contacting: Merrill
Lynch, Pierce, Fenner & Smith Incorporated, 200 North College
Street, NC1-004-03-43, Charlotte, NC 28255, Attention:
Prospectus Department, toll-free: 1-800-294-1322, email:
dg.prospectus_requests@baml.com; RBC Capital Markets, LLC, Three
World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: Debt Capital
Markets, toll-free: (866) 375-6829, email:
usdebtcapitalmarkets@rbccm.com; 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 press 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 information
included in this news release constitutes "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 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, these
forward-looking statements involve risks, uncertainties and
assumptions and CN's Board of Directors has discretion in the use
of the proceeds from the offering to which this news release
relates. The Company cautions that its assumptions may not
materialize and that the 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 known and unknown 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 general economic and business conditions;
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; security threats; reliance on
technology; transportation of hazardous materials; various events
which could disrupt operations, including natural events such as
severe weather, droughts, floods and earthquakes; effects of
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; 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 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.
CN's transports more than C$250
billion worth of goods annually for a wide range of business
sectors, ranging from resource products to manufactured products to
consumer goods, across a rail network of approximately 20,000
route-miles spanning Canada and
mid-America. CN – Canadian National Railway Company, along with its
operating railway subsidiaries – serves the cities and ports of
Vancouver, Prince Rupert, B.C., Montreal, Halifax, New
Orleans, and Mobile, Ala.,
and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth,
Minn./Superior, Wis., and
Jackson, Miss., with connections
to all points in North
America.
SOURCE CN