CN to sell assets of IC RailMarine Terminal for US$73 million and enter into related 10-year coal transportation agreement

CN CNI announced today a definitive agreement to sell substantially all of the assets of IC RailMarine Terminal Company to Raven Energy, LLC, an affiliate of Foresight Energy, LLC and the Cline Group ("Cline"), for US$73 million. ICRMT is an indirect subsidiary of CN, located on the east bank of the Mississippi River at Convent, La., west of New Orleans. The terminal stores and transfers bulk commodities and liquids between rail, ship and barge, serving customers in North American and global markets. CN expects the transaction to close in approximately 45 days, following receipt of regulatory approvals. Upon closing, CN would enter a 10-year rail transportation agreement with Savatran LLC, another affiliate of Foresight and Cline, to haul coal from four Illinois mines to the Convent transfer facility. Under the agreement, Savatran would ship a minimum annual volume of coal via CN.