Canadian National Completes Debt Offering of US$925-Million.MONTREAL--(BUSINESS WIRE)--July 2, 1998--CN(ME:CNR See riser card. CNR - Communication and Network Riser .) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CNR.) (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. ) 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 announced today the completion of a US$925-million debt offering. The proceeds will be used in connection with CN's acquisition of Illinois Central Corporation (IC). The debt was issued in three tranches with maturities of eight, 20 and 30 years and interest rates of 6.45 per cent, 6.8 per cent and 6.9 per cent, respectively. CN expects to close the financing on July 7, 1998. Executive Vice-President and Chief Financial Officer Michael J. Sabia said: "I am very pleased with the market's response to CN's first public debt offering since the privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned of the Company in 1995. It confirms investor confidence in the direction of CN and, in particular, the potential represented by the Illinois Central acquisition." Lead manager of the offering was Goldman, Sachs & Co.; other managers were Morgan Stanley Dean Witter, Merrill Lynch & Co., Salomon Smith Barney and Nesbitt Burns Securities Inc. The financing is made under the previously filed shelf registration statement for US$1.8-billion of debt securities. Canadian National Railway Company serves all of Canada the U.S. Midwest, including the ports of Vancouver, Montreal and Halifax and the key cities of Toronto, Chicago, Detroit and Buffalo, with connections to all points in North America.
CONTACT: Canadian National Railway Co.
Robert Noorigian (Investment Community), 514/399-0052
Mark Hallman (Media), 416/217-6390
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