CN announces US$650 million debt offering
25 Avril 2008 - 12:33AM
Marketwired
MONTREAL, QUEBEC (NYSE: CNI) today announced the terms of a
US$650 million debt offering of US$325 million 4.95 per cent Notes
due 2014, and US$325 million 5.55 per cent Notes due 2018. CN
expects to close the financing on May 1, 2008.
CN plans to use the estimated net proceeds of US$643 million
from the offering to repay a portion of its commercial paper
outstanding, and to reduce its accounts receivable securitization
program. The indebtedness being repaid was incurred for general
corporate purposes, including CN's share repurchase program.
The debt offering is being made in the United States under the
shelf registration statement CN filed on Dec. 17, 2007.
Book-running managers of the debt offering are Banc of America
Securities LLC and Wachovia Securities Capital Markets, LLC. Other
managers are BMO Capital Markets, BNP PARIBAS, Citi Markets &
Banking, J.P. Morgan Securities, RBC Capital Markets and Scotia
Capital.
A copy of the prospectus for the offering to which this
communication relates may be obtained by contacting Banc of America
Securities LLC, Prospectus Department, 100 West 33rd Street, 3rd
Floor, New York, N.Y., 10001; toll free: 1-800-294-1322 or Wachovia
Capital Markets, LLC, 301 S. College Street, Charlotte, N.C.,
28202; toll free: 1-800-326-5897.
Forward-Looking Statements
This news release contains forward-looking statements. Such
forward-looking statements include, without limitation, statements
relating to a debt offering, the anticipated closing and the use of
net proceeds of such offering. CN cautions that, by their nature,
forward-looking statements involve risk, uncertainties and
assumptions. The Company cautions that these assumptions may not
materialize. Reference should be made to CN's most recent Form 40-F
filed with the United States Securities and Exchange Commission,
its Annual Information Form filed with the Canadian securities
regulators, and its 2007 Annual Consolidated Financial Statements
and 2008 Quarterly Financial Statements and Notes thereto and
related Management's Discussion and Analysis (MD&A), for a
summary of major risks.
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 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 - Canadian National Railway Company and its operating railway
subsidiaries - spans Canada and mid-America, from the Atlantic and
Pacific oceans to the Gulf of Mexico, serving the ports of
Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and
Mobile, Ala., and the key metropolitan areas of Toronto, Buffalo,
Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis.,
Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with
connections to all points in North America.
www.cn.ca
Contacts: CN Mark Hallman (Media) Director Communications, Media
(905) 669-3384 CN Robert Noorigian (Investment Community)
Vice-President Investor Relations (514) 399-0052
Canadian National Railway (TSX:CNR)
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