Canadian National Railway Company completes C$250 million 2.75% notes offering

February 18, 2014

Client: Royal Bank of Canada

On February 18, 2014, Canadian National Railway Company (CN) completed the offering of $250 million aggregate principal amount of 2.75% Notes due 2021. This was the first public offering of CN debt targeted to the Canadian market. The offering was made under a shelf prospectus dated December 3, 2013 and pursuant to a prospectus supplement dated February 11, 2014. Net proceeds from the offering will be used for general corporate purposes, including the redemption and refinancing of outstanding indebtedness, and share repurchases.

The transaction was completed on an agency basis by a syndicate co-led by joint book running managers BMO Capital Markets, RBC Capital Markets, Scotia Capital Inc., and TD Securities. The syndicate also included Citigroup Global Markets Canada Inc., BNP Paribas (Canada) Securities Inc., Merrill Lynch Canada Inc., Wells Fargo Securities Canada, Ltd, Desjardins Capital Markets, and HSBC Securities (Canada) Inc.

Norton Rose Fulbright Canada LLP acted as legal counsel to the agents. The team was led by Solomon Sananes, and included David Millette, David Crandall, Renée Loiselle (corporate and securities) and Derek Chiasson and Antoine Desroches (tax).