Canadian Pacific Railway completes $300 million public debt offering in Canada

On Mar. 9, Canadian Pacific Railway Company ("CPRC"), a wholly-owned subsidiary of Canadian Pacific Railway Limited ("CPRL" and together with CPRC, "CP"), completed a public offering of $300 million aggregate principal amount of 3.05 per cent unsecured unsubordinated notes due 2050. The notes are fully and unconditionally guaranteed by CPRL. The offering was made in Canada under a base shelf prospectus of CPRC dated Mar. 1, 2019, as supplemented on Mar. 5, 2020.

The offering was completed through a syndicate of agents led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. CIBC World Markets Inc. and Scotia Capital Inc., as joint lead book-runners, and including Merrill Lynch Canada Inc., Wells Fargo Securities Canada Ltd., Barclays Capital Canada Inc., Citigroup Global Markets Canada Inc., HSBC Securities (Canada) Inc., SMBC Nikko Securities Canada Ltd., AltaCorp Capital Inc., Desjardins Securities Inc., Morgan Stanley Canada Limited and MUFG Securities Canada, Ltd. 

CP was represented internally by David Sheridan, Bela Berze and Nizam Hasham. 

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

Osler, Hoskin & Harcourt LLP represented the agents with a team that included Dan Kolibar, Justin Sherman, Jacob Young and Meg Hiles (capital markets) and Colena Der and Darian Khan (tax).
Lexpert Copyrights © Thomson Reuters Canada Limited