MONTREAL, May 6 /PRNewswire/ - CN (TSX: CNR)(NYSE: CNI)
announced today it has refinanced its revolving credit facility
with a new four-year $800-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."
Forward-Looking Statements
Certain information included in this news release are
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and under
Canadian securities laws. CN cautions that, by their nature, these
forward-looking statements involve risks, uncertainties and
assumptions. The Company cautions that its assumptions may not
materialize and that current economic conditions render such
assumptions, although reasonable at the time they were made,
subject to greater uncertainty. Such forward-looking statements are
not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results of performance of the Company or the rail industry to be
materially different from the outlook or any future results or
performance implied by such statements.
Important risk factors that could affect the forward-looking
statements include, but are not limited to, the effects of general
economic and business conditions, industry competition, inflation,
currency and interest rate fluctuations, changes in fuel prices,
legislative and/or regulatory developments, compliance with
environmental laws and regulations, actions by regulators, various
events which could disrupt operations, including natural events
such as severe weather, droughts, floods and earthquakes, labor
negotiations and disruptions, environmental claims, uncertainties
of investigations, proceedings or other types of claims and
litigation, risks and liabilities arising from derailments, and
other risks detailed from time to time in reports filed by CN with
securities regulators in Canada
and the United States. Reference
should be made to "Management's Discussion and Analysis" in CN's
annual and interim reports, Annual Information Form and Form 40-F
filed with Canadian and U.S. securities regulators, available on
CN's website, for a summary of major risks.
CN assumes no obligation to update or revise forward-looking
statements to reflect future events, changes in circumstances, or
changes in beliefs, unless required by applicable Canadian
securities laws. In the event CN does update any forward-looking
statement, no inference should be made that CN will make additional
updates with respect to that statement, related maters, or any
other forward-looking statement.
CN - Canadian National Railway Company and its operating railway
subsidiaries - spans Canada and
mid-America, from the Atlantic and Pacific oceans to the
Gulf of Mexico, serving the ports
of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New
Orleans, and Mobile, Ala.,
and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth,
Minn./Superior, Wis.,
Green Bay, Wis., Minneapolis/St. Paul, Memphis, St.
Louis, and Jackson, Miss.,
with connections to all points in North
America. For more information on CN, visit the company's
website at www.cn.ca.
SOURCE CN