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Canadian Pacific Railway Company Closes Notes Offering
Paul, Weiss advised Canadian Pacific Railway Company (CPRC) on the closing of its issuance of US$250 million of 4.500 percent notes due 2022 and $250 million of 5.750 percent notes due 2042. J. P. Morgan Securities LLC was the sole bookrunning manager.
The offering, which closed on December 1, was made in the United States under CPRC's previously filed base shelf prospectus dated June 29, 2011. The proceeds from the debt issuance will be used to fund voluntary prepayment of future contributions to CPRC's Canadian defined benefit pension plan. CPRC is a Canadian company providing rail and intermodal transportation services, headquartered in Calgary, Alberta.
The Paul, Weiss team included corporate partner Andrew J. Foley; tax partner David R. Sicular; and environmental counsel William J. O'Brien.