Canadian Pacific Railway Company $500 Million Notes Offering


Davis Polk advised the joint book-running managers in connection with the offering by Canadian Pacific Railway Company of $500 million aggregate principal amount of 4.000% notes due 2028.

The notes are guaranteed by Canadian Pacific Railway Limited, the parent company of Canadian Pacific Railway Company.

Morgan Stanley, Barclays, Wells Fargo Securities, BofA Merrill Lynch, Citigroup and HSBC acted as Joint Book-Running Managers on the offering.

Based in Calgary, Alberta, Canada, Canadian Pacific Railway Company operates as a transcontinental railway in Canada and the United States. Canadian Pacific Railway Company’s diverse business mix includes bulk commodities, merchandise freight and intermodal traffic over a network of approximately 12,500 miles, serving the principal business centers of Canada from Montreal, Quebec, to Vancouver, British Columbia and the U.S. Northeast and Midwest regions.

The Davis Polk capital markets team included partner John G. Crowley (Picture) and associate Martin Oberst. Partner Michael Mollerus and associate Dao Fu provided tax advice. Counsel David A. Zilberberg provided environmental advice.

Involved fees earner: John G. Crowley – Davis Polk & Wardwell; Martin Oberst – Davis Polk & Wardwell; Michael Mollerus – Davis Polk & Wardwell; Dao Fu – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Barclays Bank; Bank of America Merrill Lynch; Citigroup Inc.; HSBC; Morgan Stanley; Wells Fargo Securities;