Canadian Pacific Kansas City Limited (CPKC) announced on September 28, 2026, that its wholly-owned subsidiary, Canadian Pacific Railway Company (CPRC), is issuing a total of C$1.8 billion in senior unsecured notes. The debt offering consists of four separate tranches with varying maturities and interest rates:
- C$500 million of 4.20% notes due 2030
- C$550 million of 4.60% notes due 2033
- C$300 million of 4.90% notes due 2037
- C$450 million of 5.40% notes due 2056
All securities in the offering are guaranteed by CPKC. The transaction is expected to close on October 6, 2026, subject to the satisfaction of customary closing conditions.
The net proceeds from the issuance will be used primarily for the refinancing of CPRC’s outstanding indebtedness and for general corporate purposes. Until the funds are deployed, CPKC intends to invest the net proceeds in short-term investment grade securities, money market funds, or bank deposits.
The offering is being made in Canada under CPRC’s base shelf prospectus dated March 6, 2025, as supplemented by a prospectus supplement dated September 28, 2026. CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, and Scotia Capital Inc. are serving as the joint lead agents and joint active bookrunners.
CPKC noted that the securities offered have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons without registration or an applicable exemption.
