Canadian Pacific announces US$450 million debt offering
04 Maggio 2007 - 12:30AM
PR Newswire (US)
CALGARY, May 3 /PRNewswire-FirstCall/ -- Canadian Pacific Railway
Limited (TSX/NYSE: CP) announced today that its wholly-owned
subsidiary, Canadian Pacific Railway Company, is issuing US$450
million of 5.95% Notes due May 15, 2037. The transaction is
expected to close May 8, 2007. The net proceeds from this offering
of approximately US$439 million will be used to repay an
outstanding balance on a revolving credit facility, provide funding
to finance the repurchase of CP shares through normal course issuer
bids and for general corporate purposes. The debt offering is being
made in the United States under the shelf registration statement
filed on May 2, 2007 for up to US$1.5 billion of debt securities.
Mike Lambert, CP's Executive Vice President and Chief Financial
Officer said, "With our strong balance sheet and cash flows, and
with an attractive capital market, we felt now was the time for a
new debt issue. We will continue to manage our credit statistics
and coverage ratios to optimize our capital structure and create
shareholder value." Canadian Pacific, through the ingenuity of its
employees located across Canada and in the United States, remains
committed to being the safest, and most fluid railway in North
America. Our people are the key to delivering innovative
transportation solutions to our customers and to ensuring the safe
operation of our trains through the more than 900 communities where
we operate. Our combined ingenuity makes CP a better place to work,
rail a better way to ship, and North America a better place to
live. Come and visit us at http://www.cpr.ca/ to see how we can put
our ingenuity to work for you. Canadian Pacific is proud to be the
official rail freight services provider for the Vancouver 2010
Olympic and Paralympic Winter Games. DATASOURCE: Canadian Pacific
Railway CONTACT: Media: Leslie Pidcock, Manager, Corporate
Communications, Tel.: (403) 319-6878, e-mail: ; Investment
Community: Janet Weiss, Assistant Vice-President, Investor
Relations, Tel.: (403) 319-3591, e-mail:
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