Canadian Pacific Railway Company closes US$1.2B notes offering

On September 11, 2015, Canadian Pacific Railway Company, a wholly-owned subsidiary of Canadian Pacific Railway Limited, completed its offering of US$900M of 6.125 per cent unsecured unsubordinated notes due 2115 and US$300M of 4.800 per cent unsecured unsubordinated notes due 2035 for combined aggregate gross proceeds of US$1.2B.
The offering is being made in the United States under Canadian Pacific Railway Company’s base shelf prospectus dated August 31, 2015.

The joint book-running managers of the debt offering are Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, LLC.

Canadian Pacific Railway Company was represented internally by Bela Berze and Scott Cedergren. Norton Rose Fulbright Canada LLP acted as external counsel to Canadian Pacific Railway Company, with a team including Kevin Johnson, Don Tse, Brett Watson and Kyle Johnson (capital markets) and Darren Hueppelsheuser (tax), as Canadian Pacific Railway’s Canadian counsel, and Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team including Andrew Foley, Ronnie Ollo and Rebecca Vasluianu (corporate) and David Sicular and Kenneth Baker (tax), as US counsel to Canadian Pacific Railway Company.

The underwriters were represented by Davis Polk & Wardwell LLP with a team of John Crowley, Joseph Clementz and Andrew Holten (capital markets), Michael Mollerus and Dao Fu (tax), and Betty Moy Huber and Eugene Baek (environmental).