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”)

 

Issuer:

 

Canadian Natural Resources Limited

 

 

 

Trade Date:

 

November 12, 2014

 

 

 

Settlement Date:

 

November 17, 2014 (T+3)

 

 

 

 

 

2018 Notes

 

2025 Notes

 

 

 

 

 

Issue of Securities:

 

1.750% Notes due 2018

 

3.900% Notes due 2025

 

 

 

 

 

Principal Amount:

 

US$600,000,000

 

US$600,000,000

 

 

 

 

 

Maturity:

 

January 15, 2018

 

February 1, 2025

 

 

 

 

 

Price to Public:

 

99.921%, plus accrued interest, if any, from November 17, 2014

 

99.871%, plus accrued interest, if any, from November 17, 2014

 

 

 

 

 

Coupon:

 

1.750%

 

3.900%

 

 

 

 

 

Interest Payment Dates:

 

January 15 and July 15 commencing January 15, 2015

 

February 1 and August 1 commencing February 1, 2015

 

 

 

 

 

Regular Record Dates:

 

June 30 and December 31

 

January 15 and July 15

 

 

 

 

 

Yield to Maturity:

 

1.776%

 

3.916%

 

 

 

 

 

Spread:

 

+80 basis points

 

+155 basis points

 

 

 

 

 

Benchmark Treasury:

 

UST 0.875% due October 15, 2017

 

UST 2.375% due August 15, 2024

 

 

 

 

 

Treasury Yield/Price:

 

0.976% (99-22 ¾)

 

2.366% (100-02+)

 

 

 

 

 

Make-Whole Call:

 

T + 12 basis points

 

Prior to November 1, 2024, T + 25 basis points

 

 

 

 

 

Par Optional Redemption:

 

N/A

 

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.

 

 

 

 

 

Joint Book-Running Managers:

 

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

RBS Securities Inc.

Barclays Capital Inc.

Mitsubishi UFJ Securities (USA), Inc.

 

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:

 

BNP Paribas Securities Corp.

Merrill Lynch, Pierce, Fenner & Smith  
                     Incorporated
BMO Capital Markets Corp.
CIBC World Markets Corp.
RBC Capital Markets, LLC
Scotia Capital (USA) Inc.
DNB Markets, Inc.
Mizuho Securities USA Inc.
SG Americas Securities, LLC
SMBC Nikko Securities America, Inc.

 

BNP Paribas Securities Corp.

Merrill Lynch, Pierce, Fenner & Smith  
                     Incorporated
BMO Capital Markets Corp.
CIBC World Markets Corp.
RBC Capital Markets, LLC
Scotia Capital (USA) Inc.
DNB Markets, Inc.
Mizuho Securities USA Inc.
SG Americas Securities, LLC
SMBC Nikko Securities America, Inc.

 

 

 

 

 

CUSIP:

 

136385 AU5

 

136385 AV3

 

 

 

 

 

ISIN:

 

US136385AU50

 

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.

 

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