Canadian Pacific Railway’s US$500 million offering

The Underwriters in Canadian Pacific Railway’s US$500 million offering

Client

The Underwriters

Value

US$500 million

Service

Capital Markets

Date Closed

March 2020

Lead Office

Calgary

 

On March 5, 2020, Canadian Pacific Railway completed its US$500 million public debt offering in the U.S. The proceeds from the 2.050% notes due 2030 will be used primarily for the reduction and refinancing of outstanding indebtedness and for general corporate purposes. Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, BofA Securities Inc. and Wells Fargo were joint book-running managers for the offering.

The Canadian Pacific Railway Company is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. Canadian Pacific offers a suite of freight transportation services, logistics solutions and supply chain expertise.

Osler, Hoskin & Harcourt LLP advised the underwriters in Canada with a team consisting of Frank Turner, Justin Sherman, Daniel Kolibar and Jacob Young (Corporate) and Colena Der and Darian Khan (Tax).