CN Announces C$1.75 Billion Debt Offering
May 08 2023 - 7:30PM
CN (TSX: CNR) (NYSE: CNI) today announced a public debt offering of
C$550 million 4.15% Notes due 2030, C$400 million 4.40% Notes Due
2033, and C$800 million 4.70% Notes Due 2053. CN expects to close
the offering on May 10, 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 Canada under
CN's base shelf prospectus dated May 4, 2022.
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.
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 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.
About CNCN 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 railroad connects Canada’s Eastern and Western
coasts with the U.S. South through a 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.
Contacts:
Media |
Investment
Community |
Jonathan Abecassis |
Stacy Alderson |
Senior Manager |
Interim Assistant
Vice-President |
Media Relations |
Investor Relations |
438-455-3692media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
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