As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/29/20  Canadian National Railway Co      FWP                    1:34K  Canadian National Railway Co      Toppan Merrill/FA

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Free-Writing Prospectus                             HTML     24K 

 

Filed Pursuant to Rule 433
File No: 333-236376

 

Canadian National Railway Company

 

US$600,000,000 2.450% Notes due 2050

 

Pricing Term Sheet

 

April 29, 2020

 

Issuer:		Canadian National Railway Company
Ratings (Moody’s / S&P / DBRS):*		A2 / A / A
Trade Date:		April 29, 2020
Settlement Date:		May 1, 2020 (T+2)
Security Type:		2.450% Notes due 2050
Maturity Date:		May 1, 2050
Principal Amount:		US$600,000,000
Benchmark Treasury:		2.375% due November 15, 2049
Benchmark Treasury Price / Yield:		127-21 / 1.252%
Spread to Benchmark Treasury:		+130 basis points
Yield to Maturity:		2.552%
Price to Public:		97.871% of principal amount
Coupon:		2.450% per annum, accruing from May 1, 2020
Interest Payment Dates:		May 1 and November 1 of each year, commencing on November 1, 2020
Optional Redemption:		At any time (i) prior to November 1, 2049 at the greater of (x) par and (y) the present value of the remaining scheduled payments of principal and interest that would be due if the notes matured on November 1, 2049 discounted at a rate of Treasury plus 20 basis points, and (ii) on or after November 1, 2049 at par, plus, in each case, accrued and unpaid interest
CUSIP / ISIN:		136375 CZ3 / US136375CZ30
Joint Book-Running Managers:		BofA Securities, Inc. Citigroup Global Markets Inc. Scotia Capital (USA) Inc. Wells Fargo Securities, LLC

 

 

Senior Co-Manager:		RBC Capital Markets, LLC
Co-Managers:		BMO Capital Markets Corp
		BNP Paribas Securities Corp.
		Desjardins Securities Inc.
		HSBC Securities (USA) Inc.
		MUFG Securities Americas Inc.
		SMBC Nikko Securities America, Inc.
		TD Securities (USA) LLC
		U.S. Bancorp Investments, Inc.

 

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

The offer and sale of the securities to which this communication relates is being made solely in jurisdictions outside Canada in compliance with the applicable rules and regulations of such jurisdictions.

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.   Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc., toll-free, at (800) 294-1322, Citigroup Global Markets Inc., toll-free, at (800) 831-9146, Scotia Capital (USA) Inc., toll-free, at (800) 372-3930 or Wells Fargo Securities, LLC, toll-free, at (800) 645-3751.

 

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded.  Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.

 

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