Canadian National Railway To Issue Up To C$6 Billion Of Debt For General Corporate Purposes, Debt Refinancing; Shares Lower

Shares of

were trading lower by more than 1.50 percent Wednesday morning after the company

it plans on issuing up to C$6 billion (approximately $4.26 billion) of debt securities. CN noted that it will raise the funds through debt sales in both the US and Canadian markets over the next 25 months. CN added it plans on using the net proceeds for general corporate purposes, including the redemption and refinancing of outstanding debt, share repurchases, acquisitions, and other business opportunities.