Canadian Pacific Railway completes US$500 million public debt offering in the U.S.

On Mar. 5, Canadian Pacific Railway Company ("CPRC"), a wholly-owned subsidiary of Canadian Pacific Railway Limited ("CPRL" and together with CPRC, "CP"), completed an offering of US$500 million aggregate principal amount of 2.050 per cent notes due 2030. The notes are fully and unconditionally guaranteed by CPRL.

The offering was made in the U.S. pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission on Mar. 1, 2019, as supplemented on Mar. 3, 2020. 

Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC were joint book-running managers for the offering. BMO Capital Markets Corp., CIBC World Markets Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and Desjardins Securities Inc. acted as co-managers. 

CP was represented internally by David Sheridan and Bela Berze. 

Bennett Jones LLP acted as external counsel to CP in Canada with a team led by Harinder Basra and that included Brent Kraus, John Piasta and Steven Bodi (capital markets), Anu Nijhawan (tax), Karen Dawson and Noriko Shimura (banking and finance). 

Paul, Weiss, Rifkind, Wharton & Garrison LLP represented CP in the U.S. with a team that included Andrew Foley, Stephen Centa, Dave Marshall, Anderson Christie, Sam Zhu and Sarah Lu (corporate and securities), William O'Brien (environmental) and David Sicular and Kurt Naro (tax). 

Davis Polk & Wardell LLP represented the underwriters in the U.S. with a team that included John Crowley, Jennifer Ying Lan, Gil Savir and Cristina Maria Diaz Bauluz (capital markets), William Curran and Adam Brownstone (tax) and David Zilberberg and Cristina Harshman (environmental).

Osler, Hoskin & Harcourt LLP represented the underwriters in Canada with a team that included Frank Turner, Justin Sherman and Jacob Young (capital markets) and Colena Der and Darian Khan (tax).


Bennett Jones LLP Osler, Hoskin & Harcourt LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP Davis Polk & Wardwell