On March 12, 2025, Canadian Pacific Railway Company (CPRC), a subsidiary of Canadian Pacific Kansas City Limited (CPKC), priced a US$1.2 billion (approximately C$1.73 billion) notes offering. The issuance consists of US$600 million (C$869 million) in 4.800% notes due 2030 and US$600 million (C$869 million) in 5.200% notes due 2035. The offering is fully and unconditionally guaranteed by CPKC. The net proceeds, estimated at approximately US$1.18 billion (C$1.70 billion) after underwriting commissions and expenses, are intended for refinancing CPRC’s outstanding indebtedness and for general corporate purposes. The closing and delivery of the notes are expected on or about March 17, 2025.

The joint book-running managers for the offering are Wells Fargo Securities, BofA Securities, Goldman Sachs & Co. LLC, Morgan Stanley, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, Scotia Capital (USA) Inc., and SMBC Nikko Securities America, Inc. Co-managers include ATB Capital Markets, Desjardins Capital Markets, and U.S. Bancorp Investments, Inc.

Legal counsel for CPRC includes Bennett Jones LLP (Canada) and Sullivan & Cromwell LLP (U.S.), while Davis Polk & Wardwell LLP is acting as legal advisor to the underwriters.