CN secures new four-year C$800-million credit facility

Canadian National has refinanced its revolving credit facility with a new four-year, C$800-million (US$830 million) facility co-led by The Bank of Nova Scotia, J.P. Morgan Securities LLC and BMO Capital Markets.

CN plans to use the credit facility for working capital and general
corporate purposes, including backstopping the company’s commercial
paper program.

The facility, containing customary terms and
conditions, replaces the US$1-billion credit facility that was scheduled
to expire in October 2011.

CN has also entered into a series of
three-year letter of credit agreements with various banks to support its
requirements to post letters of credit in the ordinary course of
business.

Luc Jobin, CN executive vice-president and chief
financial officer, said: "I am pleased that CN has successfully
negotiated new credit arrangements with its banking partners that will
help support the Company’s strategic agenda."