Canadian Pacific Railway $1.2 billion notes offering

Davis Polk advised the joint book-running managers and representatives of the underwriters in connection with the offering by Canadian Pacific Railway Company of $600 million aggregate principal amount of 4.800% notes due 2030 and $600 million aggregate principal amount of 5.200% notes due 2035. The notes are guaranteed by Canadian Pacific Kansas City Limited, the parent company of Canadian Pacific Railway Company.

With its global headquarters in Calgary, Alberta, Canada, Canadian Pacific is the first and only single-line transnational railway linking Canada, the United States and Mexico, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf of Mexico to Lázaro Cárdenas, Mexico. Stretching approximately 20,000 route miles and employing 20,000 railroaders, Canadian Pacific provides North American customers unparalleled rail service and network reach to key markets across the continent.

The Davis Polk capital markets team included partner Derek Dostal, counsel Jennifer (Ying) Lan and associate Jenny (Jingjing) Li. Partner Mario J. Verdolini and associates Alanna Phillips and Ziyu (Jessie) Lin provided tax advice. Counsel David A. Zilberberg and associate Shefain Islam provided environmental advice. All members of the Davis Polk team are based in the New York office.