On September 16, 2024, Canadian National Railway Company (CN) issued US$750 million (approximately CAD 1.02 billion) in 4.375% senior unsecured notes due 2034. The notes were priced at 99.808% of their principal amount, yielding net proceeds of approximately US$742.2 million (approximately CAD 1.01 billion) after underwriting commissions and expenses. The offering was co-led by BNP Paribas, J.P. Morgan, Wells Fargo Securities, and RBC Capital Markets. Senior co-managers included BofA Securities, BMO Capital Markets, Scotia Capital, SMBC Nikko, TD Securities, and U.S. Bancorp. The co-managers were CIBC Capital Markets, Desjardins Capital Markets, and Morgan Stanley. The notes were redeemable at CN's discretion, subject to conditions specified in the offering. The net proceeds were intended for general corporate purposes, such as debt refinancing, share repurchases, and potential acquisitions. Legal counsel for the transaction included Stikeman Elliott LLP for Canadian matters, Davis Polk & Wardwell LLP for U.S. matters, and Cravath, Swaine & Moore LLP representing the underwriters.