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Canadian Pacific Railway to issue notes worth US$1.2 billion to ease debt
CANADIAN Pacific Railway Limited (CP), a transcontinental railway between Canada and the United States, has entered the debt market after announcing plans for its wholly-owned subsidiary, Canadian Pacific Railway Company, to issue US$300 million of 4.8 per cent notes due in 2035 and $900 million of 6.125 per cent notes due in 2115.
The transaction is being made in the US and is expected to close on September 11, subject to customary closing conditions.
The net proceeds from this offering will be used for general corporate purposes, primarily the reduction and refinancing of short-term and long-term indebtedness, a company filing with securities regulators in Canada and the US said.
The transaction is being made in the US and is expected to close on September 11, subject to customary closing conditions.
The net proceeds from this offering will be used for general corporate purposes, primarily the reduction and refinancing of short-term and long-term indebtedness, a company filing with securities regulators in Canada and the US said.
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