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Canadian National (CN) to raise US$600 million in sale of bonds and notes
THE Canadian National Railway (CN), Canada's biggest railway, is to raise US$600 million through a two-tranche offering of 4.5 per cent bonds and floating rate notes to pay down debt.
The first tranche is to raise US$350 million in floating rate notes due in 2015, while the second tranche is a $250 million sale in 4.5 per cent bonds due in 2043.
"CN plans to use the net proceeds from the offering for general corporate purposes, including the redemption and refinancing of outstanding indebtedness," a company statement said.
The debt offering is being made in the United States, and managers of the debt offering are Citigroup Global Markets Inc, JP Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith.
The co-managers are BNP Paribas, HSBC, BMO Capital Markets, RBC Capital Markets, Scotiabank, TD Securities, Wells Fargo Securities, LLC, Desjardins Capital Markets, Mitsubishi UFJ Securities (USA) and US Bancorp.
The first tranche is to raise US$350 million in floating rate notes due in 2015, while the second tranche is a $250 million sale in 4.5 per cent bonds due in 2043.
"CN plans to use the net proceeds from the offering for general corporate purposes, including the redemption and refinancing of outstanding indebtedness," a company statement said.
The debt offering is being made in the United States, and managers of the debt offering are Citigroup Global Markets Inc, JP Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith.
The co-managers are BNP Paribas, HSBC, BMO Capital Markets, RBC Capital Markets, Scotiabank, TD Securities, Wells Fargo Securities, LLC, Desjardins Capital Markets, Mitsubishi UFJ Securities (USA) and US Bancorp.
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