CN (TSX: CNR) (NYSE: CNI) today announced a public debt offering of US$700 million comprised of US$300 million aggregate principal amount of 4.200% Notes due 2031 and US$400 million aggregate principal amount of 4.750% Notes due 2035.

CN expects to close the offering on November 12, 2025, subject to the satisfaction of customary closing conditions.

CN plans to use the net proceeds from the offering to repay at maturity all US$500 million principal amount of its 2.75% notes due in March 2026 and for general corporate purposes, including the repayment of commercial paper.

The debt offering is being made in the United States under an effective shelf registration statement dated April 2, 2024.

The joint bookrunners of the debt offering are: BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, together with a syndicate that includes BMO Capital Markets Corp., BNP Paribas Securities Corp., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc., CIBC World Markets Corp., Desjardins Securities Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.