Filed Pursuant to Rule 433
File No. 333-147725
February 18, 2009

Canadian National Railway Company

Issuer:
 
Canadian National Railway Company
     
Security Type:
 
5.55% Notes due 2019
     
Size:
 
US$550,000,000
     
Maturity:
 
March 1, 2019
     
Coupon:
 
5.55% per annum, accruing from February 25, 2009
     
Price to Public:
 
98.881% of face amount
     
Yield to maturity:
 
5.698%
     
Spread to Benchmark Treasury:
 
+295 bp
     
Benchmark Treasury:
 
2.750% due February 15, 2019
     
Benchmark Treasury Price and Yield:
 
100-00+   2.748%
     
Interest Payment Dates:
 
March 1 and September 1, commencing September 1, 2009
     
Redemption:
 
At any time at a discount rate of Treasury plus 50 basis points
     
Trade Date:
 
February 18, 2009
     
Settlement Date:
 
(T+5); February 25, 2009
     
Ratings:
 
A3 /A- /A (low)
     
Underwriters:
 
Citigroup Global Markets Inc.
J.P. Morgan Securities Inc.
Banc of America Securities LLC
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
RBC Capital Markets Corporation
Scotia Capital (USA) Inc.
Wachovia Capital Markets, LLC
 
 
 
 

 

 
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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.   Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc., toll free, at (877) 858-5407 or J.P. Morgan Securities Inc., collect, at (212) 834-4533.

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