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Canadian Pacific seeks US$500m funding by offering debt notes

CANADIAN Pacific Railway Limited ('CP') has announced that its wholly-owned subsidiary, Canadian Pacific Railway Company, is issuing US$500 million of 2

04 March 2020 - 19:00

CANADIAN Pacific Railway Limited ('CP') has announced that its wholly-owned subsidiary, Canadian Pacific Railway Company, is issuing US$500 million of 2.050 per cent Notes due 2030.

The net proceeds from the offering will be used primarily for the reduction and refinancing of outstanding indebtedness and for general corporate purposes, the railway said in a statement filed with the Securities and Exchange Commission.



'Until utilised for such purposes, the net proceeds may be invested in short term investment grade securities or bank deposits,' the railway added.



The transaction is expected to close on March 5, 2020.



The joint book-running managers of the debt offering are Barclays Capital Inc, Citigroup Global Markets Inc, HSBC Securities (USA) Inc, Morgan Stanley & Co LLC, BofA Securities, Inc and Wells Fargo Securities, LLC.


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