CN Issues US$400M of Notes

On March 10, 2003, Canadian National Railway Company (CN) completed the issuance of US$400 million aggregate principal amount of 4.40 per cent notes due 2013 under its August 30, 2001 US$1 billion debt shelf prospectus. Proceeds from the sale of the notes will be used to repay outstanding indebtedness. The offering was co-managed by Bank of America Securities LLC and Salomon Smith Barney, and included JP Morgan, Bank One Capital Markets, Inc., BNP Paribas, Fleet Securities, Inc., Scotia Capital Inc. and Wachovia Securities.

CN was represented in-house by Sean Finn, senior vice-president and public affairs, CLO and corporate secretary, and Antoine Stebenne, legal counsel; in Canada, by Jean Marc Huot, BenoƮt Dubord and Nicolas Vanasse of Stikeman Elliott LLP; and in the U.S., by Winthrop Conrad, Christopher Miner and Tom Kozak, and Gail Flesher and Guy Des Rosiers (environmental) of Davis Polk & Wardwell. Sullivan & Cromwell LLP represented the underwriters, with a team that included Robert Buckholz, Jr., and George Eapen.


Winthrop B. Conrad, Jr. George J. Eapen Benoît C. Dubord Gail A. Flesher Robert Buckholz, Jr. Guy Des Rosiers Jean Marc Huot Nicolas Vanasse


Stikeman Elliott LLP Davis Polk & Wardwell Sullivan & Cromwell LLP