CALGARY, Jan. 28, 2015 /CNW/ - Canadian Pacific
Railway Limited (TSX:CP)(NYSE:CP) announced that its wholly-owned
subsidiary, Canadian Pacific Railway Company, is issuing:
- US$700 million of 2.900% Notes
due 2025
The transaction is expected to close on February 2, 2015, subject to customary closing
conditions.
The offering is being made in the
United States under the base shelf prospectus dated
July 11, 2013 and the prospectus
supplement dated January 28, 2015.
The net proceeds from this offering will be used for general
corporate purposes, including reducing short term indebtedness,
which indebtedness was used to fund capital investments and share
repurchases under our normal course issuer bid.
The joint book-running managers of the debt offering are Morgan
Stanley, BofA Merrill Lynch, HSBC, J.P. Morgan, Citigroup, RBC
Capital Markets and Wells Fargo Securities.
A copy of the prospectus supplement and the accompanying
prospectus for the offering may be obtained by contacting Morgan
Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY
10014, telephone: 1-866-718-1649, Merrill Lynch, Pierce, Fenner
& Smith Incorporated, Attn: Prospectus Department, 222
Broadway, 11th Floor, New York, NY
10038, telephone: 1-800-294-1322, e-mail:
dg.prospectus_requests@baml.com, HSBC Securities (USA) Inc., Attn: Transaction Management Group,
452 Fifth Avenue, New York, NY,
10018, telephone: 1-866-811-8049 and J.P. Morgan Securities LLC,
Attn: Investment Grade Syndicate Desk, 383 Madison Ave,
New York, NY 10179, telephone:
212-834-4533.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor will there be
any sale of these securities, in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
Note on forward-looking information
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited to, reduction of short term indebtedness and the timing and
completion of the proposed debt offering. This forward-looking
information also includes, but is not limited to, statements
concerning expectations, beliefs, plans, goals, objectives,
assumptions and statements about possible future events,
conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "financial expectations", "key assumptions",
"anticipate", "believe", "expect", "plan", "will", "outlook",
"should" or similar words suggesting future outcomes. To the extent
that CP has provided guidance using non-GAAP financial measures,
the Company may not be able to provide a reconciliation to a GAAP
measure, due to unknown variables and uncertainty related to future
results.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from the
forward-looking information. Forward-looking information is not a
guarantee of future performance. By its nature, CP's
forward-looking information involves numerous assumptions, inherent
risks and uncertainties that could cause actual results to differ
materially from the forward looking information, including but not
limited to the following factors: changes in business strategies;
general North American and global economic, credit and business
conditions; risks in agricultural production such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws and
regulations, including regulation of rates; changes in taxes and
tax rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of
claims and litigation; labour disputes; risks and liabilities
arising from derailments; transportation of dangerous goods; timing
of completion of capital and maintenance projects; currency and
interest rate fluctuations; effects of changes in market conditions
and discount rates on the financial position of pension plans and
investments; and various events that could disrupt operations,
including severe weather, droughts, floods, avalanches and
earthquakes as well as security threats and governmental response
to them, and technological changes. The foregoing list of factors
is not exhaustive.
These and other factors are detailed from time to time in
reports filed by CP with securities regulators in Canada and the
United States. Reference should be made to "Management's
Discussion and Analysis" in CP's annual and interim reports, Annual
Information Form and Form 40-F. Readers are cautioned not to place
undue reliance on forward-looking information. Forward-looking
information is based on current expectations, estimates and
projections and it is possible that predictions, forecasts,
projections, and other forms of forward-looking information will
not be achieved by CP. Except as required by law, CP undertakes no
obligation to update publicly or otherwise revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE:CP) is a transcontinental railway
in Canada and the United States with direct links to eight
major ports, including Vancouver
and Montreal, providing North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise.
SOURCE Canadian Pacific