Canadian Pacific Kansas City Limited announced on September 28, 2026, that its wholly owned subsidiary, Canadian Pacific Railway Company, is issuing C$1.8 billion across four tranches of senior unsecured notes. The transaction, guaranteed by CPKC, is scheduled to close on October 6, 2026, pending customary closing conditions, with net proceeds targeted primarily at refinancing existing debt and supporting general corporate operations.
C$1.8 Billion Debt Offering Tranches and Terms
The financing package is split into four distinct tranches carrying varying maturities and fixed coupon rates. According to the official corporate announcement, Canadian Pacific Railway Company is issuing C$500 million of 4.20% notes due in 2030, C$550 million of 4.60% notes due in 2033, C$300 million of 4.90% notes due in 2037, and C$450 million of 5.40% notes due in 2056.
The offering is being executed in Canada under a base shelf prospectus originally dated March 6, 2025, supplemented by a specific prospectus supplement filed on September 28, 2026. Joint lead agents and joint active bookrunners managing the transaction include CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, and Scotia Capital Inc.
Deployment of Net Proceeds and Short-Term Holdings
Canadian Pacific Kansas City Limited stated that the primary objective of the capital raise is the refinancing of outstanding indebtedness held by Canadian Pacific Railway Company.
Until proceeds are actively utilized for debt repayment or corporate operations, the company may invest the capital in short-term investment grade securities, money market funds, or bank deposits. The transaction remains subject to the final satisfaction of customary closing conditions ahead of the October 6, 2026, settlement date.
Regulatory Access and Documentation
The prospectus supplement, the underlying base shelf prospectus, and any related documents are accessible to the public through SEDAR+ at www.sedarplus.ca within two business days. Investors seeking electronic or paper copies without charge may contact the managing bookrunners directly:
- CIBC World Markets Inc.: Phone 416-594-8515 or email mailbox.cibcdebtsyndication@cibc.com
- BMO Nesbitt Burns Inc.: Phone 416-359-6359 or email DCMCADSyndicateDesk@bmo.com
- RBC Capital Markets: Phone 416-842-6311 or email torontosyndicate@rbccm.com
- Scotia Capital Inc.: Phone 416-863-7776 or email syndicate.toronto@scotiabank.com
The securities have not been registered under the U.S. Securities Act of 1933 or any state securities laws, and cannot be offered or sold within the United States or to U.S. persons without registration or an applicable exemption.