CPKC subsidiary launches C$1.8 billion debt offering in Canada

Canadian Pacific Kansas City Limited (TSX: CP) (NYSE: CP) announced that its wholly owned subsidiary, Canadian Pacific Railway Company, is issuing C$1.8 billion in notes across four tranches in a Canadian debt offering expected to close October 6, 2026.

The offering consists of 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, and C$450 million of 5.40% notes due 2056. The notes will be guaranteed by CPKC.

According to the company's press release, net proceeds will be used primarily to refinance existing debt, with remaining funds directed toward general corporate purposes. Until deployed, proceeds may be held in short-term investment grade securities, money market funds, or bank deposits.

The joint lead agents and bookrunners for the offering are CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, and Scotia Capital Inc.

The securities are being offered in Canada under a base shelf prospectus dated March 6, 2025, supplemented by a prospectus supplement dated September 28, 2026. The 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 registration or an applicable exemption.

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