fwp
 

Filed Pursuant to Rule 433
File No. 333-133703
May 23, 2006
 
    Canadian National Railway Company
Pricing Term Sheet 
         
    Notes   Debentures
 
        
Issuer:   Canadian National Railway Company
 
        
Security Type:
   5.80% Notes due June 1, 2016   6.20% Debentures due
 
       June 1, 2036
 
        
Size:
   US$250,000,000   US$450,000,000
 
        
Maturity:
   June 1, 2016   June 1, 2036
 
        
Coupon:
   5.80%   6.20%
 
        
Price to Public:
   99.685% of face amount   99.662% of face amount
 
        
Yield to maturity:
   5.842%   6.225%
 
        
Spread to Benchmark Treasury:
   +77bp   +97bp
 
        
Benchmark Treasury:
   5.125% due 5/15/2016   5.375% due 2/15/2031
 
        
Benchmark Treasury Price and Yield:
   100-13   5.072%   101-20+   5.255%
 
        
Interest Payment Dates:
   June 1 and December 1, commencing December 1, 2006   June 1 and December 1, commencing December 1, 2006
 
        
Redemption:
   At any time at a discount rate of Treasury plus 15 basis points   At any time at a discount rate of Treasury plus 20 basis points
 
      
 
        
Trade Date:   May 23, 2006
 
        
Settlement Date:   (T+5); May 31, 2006
 
        
Ratings:   A3/A-/A(low)
         
 
        
Underwriters:   Citigroup Global Markets Inc.
J.P. Morgan Securities Inc.
Banc of America Securities LLC
Harris Nesbitt Corp.
Scotia Capital (USA) Inc.
BNP Paribas Securities Corp.
RBC Capital Markets Corporation
Wachovia Capital Markets, LLC

 

 

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 J.P. Morgan Securities Inc., collect, at 1-212-834-4533 or Citigroup Global Markets Inc., toll free, at 1-877-858-5407.