Canadian National gets tenders for 82% of $300 million 4.25% notes

By Susanna Moon

Chicago, July 28 - Canadian National Railway Co. subsidiary CNLX Canada Inc. said holders tendered 82% of the company's 4.25% notes due Aug. 1, 2009.

The company began a tender offer and consent solicitation for the $300 million principal amount of notes on June 29. The offer expired at 5 p.m. ET on July 27.

Holders who tendered were required to consent to proposed amendments to the indenture governing the notes.

The company said that none of the proposed amendments will affect the terms of the notes held by non-tendering holders.

The company previously said it would pay par plus accrued interest up to but excluding the settlement date, which was expected to be Tuesday.

All holders who tendered will also receive the consent payment, which is $2.50 per $1,000 principal amount of notes.

The tender offer and amendment to the indenture were conditioned on the receipt of two-thirds consent.

Citigroup Global Markets Inc. (800 558-3745) was the dealer manager, and Global Bondholder Services Corp. (866 294-2200 or 212 430-3774) was the information agent.

The railway transportation company is based in Montreal.

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