Filed Pursuant to Rule 433
Registration Statement No. 333-191876
November 12, 2014
Pricing Term Sheet
US$1,200,000,000
Canadian Natural Resources Limited
US$600,000,000 1.750% Notes due 2018 (the “2018 Notes”)
US$600,000,000 3.900% Notes due 2025 (the “2025 Notes”)
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Issuer: |
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Canadian Natural Resources Limited | ||
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Trade Date: |
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November 12, 2014 | ||
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Settlement Date: |
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November 17, 2014 (T+3) | ||
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2018 Notes |
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2025 Notes |
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Issue of Securities: |
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1.750% Notes due 2018 |
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3.900% Notes due 2025 |
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Principal Amount: |
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US$600,000,000 |
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US$600,000,000 |
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Maturity: |
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January 15, 2018 |
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February 1, 2025 |
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Price to Public: |
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99.921%, plus accrued interest, if any, from November 17, 2014 |
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99.871%, plus accrued interest, if any, from November 17, 2014 |
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Coupon: |
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1.750% |
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3.900% |
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Interest Payment Dates: |
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January 15 and July 15 commencing January 15, 2015 |
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February 1 and August 1 commencing February 1, 2015 |
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Regular Record Dates: |
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June 30 and December 31 |
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January 15 and July 15 |
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Yield to Maturity: |
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1.776% |
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3.916% |
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Spread: |
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+80 basis points |
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+155 basis points |
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Benchmark Treasury: |
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UST 0.875% due October 15, 2017 |
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UST 2.375% due August 15, 2024 |
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Treasury Yield/Price: |
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0.976% (99-22 ¾) |
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2.366% (100-02+) |
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Make-Whole Call: |
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T + 12 basis points |
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Prior to November 1, 2024, T + 25 basis points |
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Par Optional Redemption: |
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N/A |
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On or after November 1, 2024, in whole or in part, at a redemption price equal to 100.000% of the principal amount of the 2025 Notes to be redeemed plus accrued and unpaid interest thereon to the date of redemption. |
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Joint Book-Running Managers: |
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Citigroup Global Markets Inc. J.P. Morgan Securities LLC RBS Securities Inc. Barclays Capital Inc. Mitsubishi UFJ Securities (USA), Inc. |
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Citigroup Global Markets Inc. Barclays Capital Inc. Mitsubishi UFJ Securities (USA), Inc. J.P. Morgan Securities LLC RBS Securities Inc. |
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Co-Managers: |
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BNP Paribas Securities Corp. Merrill Lynch, Pierce, Fenner & Smith |
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BNP Paribas Securities Corp. Merrill Lynch, Pierce, Fenner & Smith |
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CUSIP: |
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136385 AU5 |
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136385 AV3 |
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ISIN: |
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US136385AU50 |
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US136385AV34 |
This communication is intended for the sole use of the person to whom it is provided by us.
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 1-800-831-9146, Barclays Capital Inc. toll-free at 1-888-603-5847, J.P. Morgan Securities LLC collect at 1-212-834-4533, Mitsubishi UFJ Securities (USA), Inc. toll-free at 1-877-649-6848 or RBS Securities Inc. toll-free at 1-866-884-2071.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.