CN Completes $250M Offering

Canadian National Railway Company (CN) completed the offering of $250-million aggregate principal amount of 2.75 per cent 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 Dec. 3, 2013, and pursuant to a prospectus supplement dated Feb. 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).

CN's legal team was led by Executive Vice-President Corporate Services and Chief Legal Officer, Sean Finn, by Deputy Corporate Secretary and General Counsel, Cristina Circelli, and by counsels Mathieu Lamothe and Wendy Kennish; and was represented in Canada by Stikeman Elliott LLP with a team including Jean Marc Huot, Benoît Dubord and Pierre Fournier-Simard (corporate and securities), and Marie-Andrée Beaudry and Philippe Kattan (tax).