Canadian Pacific Kansas City subsidiary issues C$1.8 billion notes

Canadian Pacific Kansas City Limited has announced that its subsidiary, Canadian Pacific Railway Company, will be issuing C$1.8 billion in notes across four tranches. The offering, which will be guaranteed by Canadian Pacific Kansas City, includes C$500 million of 4.20% notes due in 2030, C$550 million of 4.60% notes due in 2033, C$300 million of 4.90% notes due in 2037, and C$450 million of 5.40% notes due in 2056.

The notes are expected to close on October 6, 2026, subject to customary closing conditions. The net proceeds from the offering will primarily be used for refinancing outstanding indebtedness and general corporate purposes, with any unused proceeds potentially invested in short-term, investment-grade securities, money market funds, or bank deposits.

The offering is being led by CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, and Scotia Capital Inc. It is important to note that these securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without proper registration or an applicable exemption.

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