Canadian Pacific Railway Company US$700 million notes offering

January 28, 2015

Client: Canadian Pacific Railway Company

On January 28, 2015, Canadian Pacific Railway Limited announced that its wholly-owned subsidiary, Canadian Pacific Railway Company, planned to issue US$700 million of 2.900% Notes due 2025. The offering closed on February 2, 2015 and was made in the United States under Canadian Pacific Railway Company's base shelf prospectus dated July 11, 2013 and the prospectus supplement dated January 28, 2015.

The joint book-running managers of the offering were Morgan Stanley, BofA Merrill Lynch, HSBC, J.P. Morgan, Citigroup, RBC Capital Markets and Wells Fargo Securities.

Norton Rose Fulbright acted as Canadian counsel for Canadian Pacific Railway Company in connection with the offering. The team was led by Don Tse and included Darren Hueppelsheuser.