<SEC-DOCUMENT>0001104659-25-057034.txt : 20250606
<SEC-HEADER>0001104659-25-057034.hdr.sgml : 20250606
<ACCEPTANCE-DATETIME>20250606062725
ACCESSION NUMBER:		0001104659-25-057034
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250605
FILED AS OF DATE:		20250606
DATE AS OF CHANGE:		20250606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANADIAN NATIONAL RAILWAY CO
		CENTRAL INDEX KEY:			0000016868
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				980018609
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02413
		FILM NUMBER:		251028799

	BUSINESS ADDRESS:	
		STREET 1:		935 DE LA GAUCHETIERE ST W
		STREET 2:		MONTREAL QUEBEC
		CITY:			CANADA
		STATE:			A8
		ZIP:			H3B 2M9
		BUSINESS PHONE:		5143996569

	MAIL ADDRESS:	
		STREET 1:		935 DE LA GAUCHETIERE ST WEST
		STREET 2:		MONTREAL QUEBEC
		CITY:			CANADA H3B 2M9
		STATE:			A8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2517369d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Report
of Foreign Issuer Pursuant to Rule&nbsp;13a-16 or 15d-16</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>of the
Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of June&nbsp;2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-02413</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canadian National Railway Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>935 de la Gauchetiere Street West</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Montreal, Quebec</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada H3B 2M9</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="text-align: center">Form&nbsp;20-F</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: center">Form&nbsp;40-F</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Canadian National Railway Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: June&nbsp;5, 2025</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Cristina Circelli</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%"><FONT STYLE="font-size: 10pt">Cristina Circelli</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vice-President, Corporate Secretary and General Counsel</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CANADIAN NATIONAL RAILWAY COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit&nbsp;Index</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt; white-space: nowrap; width: 15%"><U>Exhibit&nbsp;Number</U></TD>
    <TD STYLE="font-size: 10pt; white-space: nowrap; width: 85%"><U>Description of Exhibit</U></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt; white-space: nowrap"><A HREF="tm2517369d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2517369d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release &ndash; CN announces C$1 billion debt offering</A></TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2517369d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2517369d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>NEWS RELEASE</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CN Announces C$1 Billion Debt Offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The prospectus supplement, the corresponding
base shelf prospectus and any amendment thereto in connection with this offering will be accessible through SEDAR+ within two business
days</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MONTREAL, June&nbsp;5, 2025 &mdash; CN (TSX: CNR)
(NYSE: CNI) today announced a public debt offering of C$500 million 3.500<B>%</B> Notes due 2030, and C$500 million 4.200% Notes Due 2035.
CN expects to close the offering on June&nbsp;10, 2025, subject to customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CN plans to use the net proceeds from the offering
for general corporate purposes, which may include the redemption and refinancing of outstanding indebtedness, share repurchases, acquisitions
and other business opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The debt offering is being made in Canada under
CN&rsquo;s base shelf prospectus dated April&nbsp;2, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This news release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities have not been registered under
the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S.
persons absent an applicable exemption from the registration requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Access to the prospectus supplement and the corresponding
base shelf prospectus and any amendment thereto in connection with this offering is provided in accordance with securities legislation
relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment thereto. The
prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with this offering will be accessible
within two business days at <U>www.sedarplus.ca</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An electronic or paper copy of the prospectus
supplement, the corresponding base shelf prospectus and any amendment thereto may be obtained from any one of the joint bookrunners,
without charge, by contacting RBC Dominion Securities Inc. by email at <U>torontosyndicate@rbccm.com</U>, Scotia Capital Inc. by email
at <U>syndicate.toronto@scotiabank.com</U>, or TD Securities Inc. by email at <U>tdcan-syndicate@tdsecurities.com</U>, and by providing
the contact with an email address or mailing address, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Certain statements included
in this news release constitute &ldquo;forward-looking statements&rdquo; within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and under Canadian securities laws, relating, but not limited to, statements relating to potential debt refinancing
as well as with respect to the timing and completion of the proposed debt offering, which is subject to customary termination rights and
closing conditions, and the availability of the prospectus supplement. By their nature, forward-looking statements involve risks, uncertainties
and assumptions. CN 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. Forward-looking statements may be identified by the use of terminology
such as &ldquo;believes&rdquo;, &ldquo;expects&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;assumes&rdquo;, &ldquo;outlook&rdquo;, &ldquo;plans&rdquo;,
&ldquo;targets&rdquo; or other similar words.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Forward-looking statements
are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance
or achievements of CN to be materially different from the outlook or any future results, performance or achievements implied by such statements.
Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the
forward-looking statements include, but are not limited to, general economic and business conditions, including factors impacting global
supply chains such as pandemics and geopolitical conflicts and tensions; trade restrictions, trade barriers, or the imposition of tariffs
or other changes to international trade arrangements; 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;
increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk;; transportation
of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events
such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims;
uncertainties of investigations, proceedings and other types of claims and litigation; risks and liabilities arising from derailments;
timing and completion of capital programs; the availability of and cost competitiveness of renewable fuels and the development of new
locomotive propulsion technology; reputational risks; supplier concentration; pension funding requirements and volatility; and other risks
detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be
made to the Management&rsquo;s Discussion and Analysis in CN&rsquo;s annual and interim reports, Annual Information Form&nbsp;and Form&nbsp;40-F,
filed with Canadian and U.S. securities regulators and available on CN&rsquo;s website, for a description of major risk factors relating
to CN. Information contained on, or accessible through, our website is not incorporated by reference into this news release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Forward-looking statements
reflect information as of the date on which they are made. 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About CN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CN powers the economy by safely transporting more
than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers.
With its nearly 20,000-mile rail network and related transportation services, CN connects Canada&rsquo;s Eastern and Western coasts with
the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates
since 1919.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- 30 -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I><U>Contacts</U>:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Media</U></I></B></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Investment Community</U></I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ashley Michnowski</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stacy Alderson</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior Manager</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assistant Vice-President</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Media Relations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investor Relations</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(438) 596-4329</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>media@cn.ca</U></P></TD>
    <TD STYLE="font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(514) 399-0052</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>investor.relations@cn.ca</U></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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