CN Railway and Certain of its Canadian and US Subsidiaries Complete Refinancing

On March 29, 2005, Canadian National Railway Co. and certain of its Canadian and US subsidiaries refinanced their 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 will be used for working capital and general corporate purposes, including a back-stop for CN's commercial paper program.

The borrowers were represented in-house by Sean Finn, Cristina Circelli, Sophie-Emmanuelle Chebin and Cynthia Bergmann, who were assisted by Jean Marc Huot, Sterling Dietze, Caroline Boutin, Robert Hogan and Antoine St├ębenne (tax) of Stikeman Elliott LLP. The agents and lenders were represented by Norm Saibil and Corinne Lemire of Blake, Cassels & Graydon LLP.
Advice on US matters was provided, for the agents, by Patrick Ryan and Namaala Liebenthal of Simpson Thacher & Bartlett LLP.