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Rail News: Financials

CN tacks five years onto $1 billion credit line

Yesterday, Canadian National Railway Co. announced it refinanced a $1 billion revolving credit facility for five years with a BMO Nesbitt Burns Inc.-led international banking syndicate.

CN plans to use the credit facility as working capital and for general corporate purposes. Scheduled to expire in December, the facility now is extended until March 2010.

“Our existing banking syndicate, with the addition of new banks, has affirmed its confidence in CN’s solid financial performance,” said Claude Mongeau, CN executive vice president and chief financial officer, in a prepared statement.

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More News from 3/30/2005