Canadian Pacific proposes to sell 10-year notes via six bookrunners

By Devika Patel

Knoxville, Tenn., May 14 – Canadian Pacific Railway Co. expects to sell fixed-rate notes due 2028, according to a 424B5 filed with the Securities and Exchange Commission.

The notes are guaranteed by Canadian Pacific Railway Ltd.

The notes feature a make-whole call until three months prior to maturity and then a par call.

Morgan Stanley & Co. LLC, Barclays, Wells Fargo Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are the bookrunners.

Proceeds will be used for debt reduction and refinancing and general corporate purposes.

The railroad operator is based in Calgary, Alta.

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