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."