Canadian National Railway Co. is looking to raise $900 million in debt to redeem and refinance existing debt and buy back shares.
The public two-tranche offering consists of $300 million in 2.400% notes due 2020 and $600 million in 3.650% notes due 2048. The offering is expected to close on Feb. 6, subject to customary conditions.
Citigroup Global Markets Inc., Merrill Lynch Pierce Fenner & Smith Inc. and RBC Capital Markets LLC are the joint book-running managers for the offering. BNP Paribas Securities Corp. and Wells Fargo Securities LLC are the senior co-managers, while BMO Capital Markets Corp., HSBC Securities (U.S.) Inc., MUFG Securities Americas Inc., Scotia Capital (U.S.) Inc., SMBC Nikko Securities America Inc., TD Securities (U.S.) LLC and US Bancorp Investments Inc. are the co-managers.
