Filed Under Rule 424(b)(2)
Registration No. 333-3825
Pricing Supplement No. 1 Dated July 30, 1996
To Prospectus Dated July 23, 1996
Prospectus Supplement Dated July 29, 1996
$50,000,000
ILLINOIS CENTRAL RAILROAD COMPANY
MEDIUM-TERM NOTES, SERIES B
Due from 9 Months or More from Date of Issue
Principal Amount: $50,000,000
(Total Principal Amount Issued to Date: $50,000,000)
Original Issue Date: August 2, 1996
Maturity Date: August 2, 2001
Interest Rate: 7.12%
Redemption:
Check box opposite applicable paragraph.
[ x ] The Notes cannot be redeemed prior to maturity.
[ ] The Notes may be redeemed prior to maturity.
Commission to be paid to Agents. $250,000.00
Additional Agents include: BA Securities, Inc. and
Chase Securities,
Deutsche Morgan Grenfel,
Lehman Brothers and
Morgan Stanley
