(The Canadian Press circulated the following story on March 29.)
MONTREAL — Canadian National Railway has successfully refinanced its $1-billion US revolving credit facility for a five-year period, the company announced Tuesday.
CN Rail said the revised credit agreement was reached with an international banking syndicate led by BMO Nesbitt Burns Inc.
The credit facility is available for working capital and general corporate purposes at CN, including back-stopping the company’s commercial paper program. It extends to March 2010 the current credit facility, which was scheduled to expire in December.
CN Rail (TSX:CNR) is Canada’s biggest railway, with operations across Canada and into the United States to the Gulf of Mexico.