Canadian National Railway Prices $750M in Senior Notes
CNI sits 22% above its 52-week low of $90.74.
Summary
Canadian National Railway Company priced a total of $750 million in senior unsecured notes across two tranches, due in 2029 and 2036, to manage its debt profile.
Key Events · Financing and Capital Events · CNI
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Debt Offering Priced
Canadian National Railway priced $750 million in senior unsecured notes.
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Two Tranches Issued
The offering consists of $300 million of 4.350% notes due 2029 and $450 million of 4.950% notes due 2036.
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Investment Grade Ratings
The notes carry expected investment-grade ratings of A2 (negative) from Moody's and A- (stable) from S&P.
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Finalizes Prior Registration
This pricing term sheet follows the F-10 registration statement filed on April 29, 2026, providing specific terms for the issuance.
Analysis · CNI · Energy & Transportation
This Free Writing Prospectus (FWP) finalizes the terms for a significant debt offering, following the F-10 registration statement filed on April 29, 2026. Canadian National Railway is raising $750 million through two tranches of senior notes with maturities in 2029 and 2036, carrying investment-grade ratings. This capital raise is a routine financing activity for a large, stable company like Canadian National Railway, likely aimed at general corporate purposes, refinancing existing debt, or funding capital expenditures. While it adds to the company's debt, it also provides financial flexibility and is priced at market rates, reflecting the company's strong credit profile.
At the time of this filing, CNI was trading at $110.84 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $67.8B. The 52-week trading range was $90.74 to $115.80. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.