On May 8, 2023, Canadian National Railway Company announced a $1.75 billion public offering of senior unsecured notes, which closed on May 10, 2023. The offering included $550 million of 4.150% notes due 2030, $400 million of 4.400% notes due 2033, and $800 million of 4.700% notes due 2053. Net proceeds of $1.73 billion will support corporate purposes, including debt refinancing, share repurchases, and acquisitions.

The offering was underwritten by RBC Dominion Securities, Scotia Capital, TD Securities, BMO Nesbitt Burns, BNP Paribas (Canada) Securities, Citigroup Global Markets Canada, Desjardins Securities, Merrill Lynch Canada, CIBC World Markets, J.P. Morgan Securities Canada, SMBC Nikko Securities Canada, and Wells Fargo Securities Canada. Stikeman Elliott LLP advised CNR, and Norton Rose Fulbright Canada LLP represented the underwriters.