CN announces US$400 million debt offering

MONTREAL — CN today announced the terms of a US$400 million debt offering of 4.40 percent notes due 2013. CN expects to close the financing on March 10, 2003.

CN plans to use the estimated net proceeds of US$396 million to repay US$150 million of 6.625 percent 10-year notes issued by CN, and US$100 million of 6.75 percent 10-year notes issued by Illinois Central Railroad Company – a wholly owned subsidiary of CN – both of which are due on May 15, 2003. The excess will be used to repay outstanding commercial paper issued by CN.

The financing is made in the United States under the shelf-registration statement CN filed in 2001 for up to US $1 billion of debt securities.

Lead managers of the debt offering are Banc of America Securities LLC and Salomon Smith Barney. Other managers are JPMorgan, Banc One Capital Markets, Inc., BNP PARIBAS, Fleet Securities, Inc., Scotia Capital, and Wachovia Securities.

Railfanning Review Podcast

Before you copy and paste this information to your website, please keep in mind this research took a lot of effort. Appreciate it. Learn from it. But do not plagiarize it. Yes, if you think we might be talking to you, we are.