CN
TSX : CNR
NYSE : CNI

CN

March 29, 2005 16:35 ET

CN refinances US$1-billion revolving credit facility


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CANADIAN NATIONAL RAILWAY COMPANY

TSX SYMBOL: CNR
NYSE SYMBOL: CNI

MARCH 29, 2005 - 16:35 ET

CN refinances US$1-billion revolving credit facility

MONTREAL, QUEBEC--(CCNMatthews - March 29, 2005) - CN announced today it
has successfully refinanced, by way of amendment, its US$1-billion
revolving credit facility for a five-year period 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 contains customary terms and conditions and
extends to March 2010 the current credit facility, which was scheduled
to expire in December 2005.

Claude Mongeau, CN's executive vice-president and chief financial
officer, said: "I am very pleased with this highly successful
transaction and the strong demand from the banking community. Our
existing banking syndicate, with the addition of new banks, has affirmed
its confidence in CN's solid financial performance. We appreciate the
banks' support."

Canadian National Railway Company 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 cities 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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    CN
    Mark Hallman (Media)
    System Director, Media Relations
    (905) 669-3384
    or
    CN
    Robert Noorigian (Investment Community)
    Vice-President, Investor Relations
    (514) 399-0052
    www.cn.ca