MONTREAL, Feb. 26, 2013 /CNW Telbec/ - CN (TSX: CNR) (NYSE: CNI) today
announced that its wholly-owned subsidiary, CNLX Canada Inc., is
extending the period during which holders who tender their notes will
receive the consent payment of US$2.50 per US$1,000 principal amount of
notes (in addition to principal amount and accrued and unpaid interest)
to 11.59 p.m., New York City time, on March 11, 2013. The settlement
date remains unchanged on or about March 12, 2013. Under the terms of
the tender offer, holders who have tendered their notes to date can no
longer validly withdraw such Notes.
As of the original Consent Payment Deadline of 5:00 p.m., New York City
time, on Feb. 25, 2013, approximately $324 million aggregate principal
amount of the 4.40% Notes due 2013 were tendered, representing
approximately 81%. Consents that have been delivered in conjunction
with such tenders are sufficient to effect the proposed amendments to
the terms of the notes.
None of the proposed amendments will affect the terms of the Notes held
by the non-tendering holders of the Notes. Notes not tendered and
purchased pursuant to the tender offer will remain outstanding until
paid by CN on the stated maturity date of March 15, 2013.
CNLX Canada Inc. has retained Citigroup Global Markets Inc. to act as
Dealer Manager in connection with the tender offer and consent
solicitation. Questions about the tender offer and consent solicitation
may be directed to Citigroup Global Market Inc. at (800) 558-3745 (toll
free) or (212) 723-6106 (collect). Copies of the tender offer documents
and other related documents may be obtained from Global Bondholder
Services Corporation, the information agent for the tender offer and
consent solicitation, at (866) 857-2200 (toll free) or (212) 430-3774
(collect).
The tender offer and consent solicitation is being made solely by means
of the related Offer to Purchase and Consent Solicitation and the
Letter of Transmittal and Consent. Under no circumstances shall this
press release constitute an offer to purchase or the solicitation of an
offer to sell the Notes or any other securities of CN. It also is not a
solicitation of consents to the proposed amendments to the indenture.
No recommendation is made as to whether holders of the Notes should
tender their Notes or give their consent.
Forward-Looking Statements
Certain information included in this news release constitutes
"forward-looking statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and under Canadian
securities laws. CN cautions that, by their nature, these
forward-looking statements involve risks, uncertainties and
assumptions. The Company cautions that its assumptions may not
materialize and that current economic conditions render such
assumptions, although reasonable at the time they were made, subject to
greater uncertainty. Such forward-looking statements are not guarantees
of future performance and involve known and unknown risks,
uncertainties and other factors which may cause the actual results or
performance of the Company or the rail industry to be materially
different from the outlook or any future results or performance implied
by such statements.
Important risk factors that could affect the above forward-looking
statements include, but are not limited to, the effects of general
economic and business conditions, industry competition, inflation,
currency and interest rate fluctuations, changes in fuel prices,
legislative and/or regulatory developments, compliance with
environmental laws and regulations, actions by regulators, various
events which could disrupt operations, including natural events such as
severe weather, droughts, floods and earthquakes, labor negotiations
and disruptions, environmental claims, uncertainties of investigations,
proceedings or other types of claims and litigation, risks and
liabilities arising from derailments, and other risks and assumptions
detailed from time to time in reports filed by CN with securities
regulators in Canada and the United States. Reference should be made to
"Management's Discussion and Analysis" in CN's annual and interim
reports, Annual Information Form and Form 40-F filed with Canadian and
U.S. securities regulators, available on CN's website, for a summary of
major risks and assumptions.
CN assumes no obligation to update or revise forward-looking statements
to reflect future events, changes in circumstances, or changes in
beliefs, unless required by applicable Canadian securities laws. In the
event CN does update any forward-looking statement, no inference should
be made that CN will make additional updates with respect to that
statement, related matters, or any other forward-looking statement.
CN - Canadian National Railway Company and its operating railway
subsidiaries - spans Canada and mid-America, from the Atlantic and
Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver,
Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala.,
and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit,
Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul,
Memphis, and Jackson, Miss., with connections to all points in North
America. For more information on CN, visit the company's website at www.cn.ca.
SOURCE: CN