CN Announces US$400 Million Debt Offering.Business Editors MONTREAL--(BUSINESS WIRE)--March 5, 2003 CN (NYSE NYSE See: New York Stock Exchange :CNI (1) (Certified NetWare Instructor) See Novell certification. (2) (Coalition for Networked Information, Washington, DC, www.cni.org) A partnership of the Association of Research Libraries, CAUSE and EDUCOM, founded in 1990. )(TSX:CNR) today announced the terms of a US$400 million debt offering of 4.40% 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% 10-year notes issued by CN, and US$100 million of 6.75% 10-year notes issued by Illinois Central Railroad Illinois Central Railroad (IC) former U.S. railroad founded in 1851 that merged with the Canadian National Railway Co. (CN) in 1999. After receiving its charter in 1851, the Illinois Central Railroad built its first line from Galena to Cairo, Ill. Company - a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. 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. Canadian National Railway Company Canadian National Railway Company (NYSE: CNI, TSX: CNR) is a Canadian rail transportation company that operates the Canadian National Railway. It was created in December, 1918 as a Crown corporation of the Government of Canada to nationalize several bankrupt rail systems spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key cities of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America. |
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