On November 6, 2025, Canadian National Railway Company announced the issuance of US$700 million (C$987.8 million) in senior unsecured notes, comprising US$300 million (C$423.4 million) of 4.200% notes due 2031 and US$400 million (C$564.5 million) of 4.750% notes due 2035.

The public offering prices were 99.844% for the 2031 notes and 99.709% for the 2035 notes, with net proceeds to the company, after underwriting commissions, totaling approximately US$692.6 million (C$977.1 million). The proceeds will be used primarily to repay at maturity US$500 million of the company’s 2.75% notes due March 2026 and for general corporate purposes, including repayment of commercial paper.

The notes are senior unsecured obligations, ranking equally with Canadian National’s existing and future senior unsecured debt, but are structurally subordinated to obligations of its subsidiaries. The offering was managed by joint book-running managers BofA Securities, J.P. Morgan, RBC Capital Markets, and Wells Fargo Securities. Legal counsel for Canadian National Railway Company is Stikeman Elliott LLP (Canadian law) and Davis Polk & Wardwell LLP (U.S. law), while Cravath, Swaine & Moore LLP advises the underwriters.