MONTREAL,
Feb. 26, 2013 /PRNewswire/ - CN (TSX:
CNR) (NYSE: CNI) today announced that its wholly-owned subsidiary,
CNLX Canada Inc., is extending the period during which holders who
tender their notes will receive the consent payment of US$2.50 per US$1,000 principal amount of notes (in addition
to principal amount and accrued and unpaid interest) to
11.59 p.m., New York City time, on March 11, 2013. The settlement date remains
unchanged on or about March 12, 2013.
Under the terms of the tender offer, holders who have tendered
their notes to date can no longer validly withdraw such Notes.
As of the original Consent Payment Deadline of 5:00 p.m., New York
City time, on Feb. 25, 2013,
approximately $324 million aggregate
principal amount of the 4.40% Notes due 2013 were tendered,
representing approximately 81%. Consents that have been
delivered in conjunction with such tenders are sufficient to effect
the proposed amendments to the terms of the notes.
None of the proposed amendments will affect the terms of the
Notes held by the non-tendering holders of the Notes. Notes not
tendered and purchased pursuant to the tender offer will remain
outstanding until paid by CN on the stated maturity date of
March 15, 2013.
CNLX Canada Inc. has retained Citigroup Global Markets Inc. to
act as Dealer Manager in connection with the tender offer and
consent solicitation. Questions about the tender offer and consent
solicitation may be directed to Citigroup Global Market Inc. at
(800) 558-3745 (toll free) or (212) 723-6106 (collect). Copies
of the tender offer documents and other related documents may be
obtained from Global Bondholder Services Corporation, the
information agent for the tender offer and consent solicitation, at
(866) 857-2200 (toll free) or (212) 430-3774 (collect).
The tender offer and consent solicitation is being made solely
by means of the related Offer to Purchase and Consent Solicitation
and the Letter of Transmittal and Consent. Under no circumstances
shall this press release constitute an offer to purchase or the
solicitation of an offer to sell the Notes or any other securities
of CN. It also is not a solicitation of consents to the proposed
amendments to the indenture. No recommendation is made as to
whether holders of the Notes should tender their Notes or give
their consent.
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.
CN cautions that, by their nature, these 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. Such
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 or the rail industry to be materially different from the
outlook or any future results or performance implied by such
statements.
Important risk factors that could affect the above
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, various events which could disrupt operations,
including natural events such as severe weather, droughts, floods
and earthquakes, 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 and assumptions 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, available on CN's website, for a
summary of major risks and assumptions.
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 Canadian
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 - 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, and Jackson, Miss., with connections to all points
in North America. For more
information on CN, visit the company's website at www.cn.ca.
SOURCE CN