CP Railway Establishes $815M Credit Facility

On November 30, 2004, Canadian Pacific Railway Co. and its subsidiary CPR Securities Ltd. completed the establishment of a new syndicated credit facility in the amount of C$815 million. RBC Capital Markets and Citibank NA, Canadian Branch, acted as co-lead arrangers. The new facility is a revolving facility with an extendible five-year term, and will represent CPR’s senior operating credit facility available for general corporate purposes, including the issuance of letters of credit.

CPR was represented by Fraser Milner Casgrain LLP, with a team that included Bill Jenkins, Jason Barabash and Scott Bodie (tax). John Wilmot of Burnet, Duckworth & Palmer LLP acted for the syndicate of lenders.