CPKC Announces C$1.8 Billion Debt Offering

Canadian Pacific Kansas City Limited (CPKC) announced on September 28, 2026, that its wholly owned subsidiary, Canadian Pacific Railway Company (CPRC), is launching a debt offering totaling C$1.8 billion across several series with varying maturity dates.

The offering includes C$500 million of 4.20% notes due 2030, C$550 million of 4.60% notes due 2033, C$300 million of 4.90% notes due 2037, and C$450 million of 5.40% notes due 2056. CPKC will guarantee these notes.

The transaction is expected to close on October 6, 2026, subject to customary closing conditions. The net proceeds from the offering are intended primarily for the refinancing of CPRC's existing debt and for general corporate purposes. Until deployed, proceeds may be invested in short-term investment-grade securities, money market funds, or bank deposits.

The offering is being made in Canada under CPRC's base shelf prospectus dated March 6, 2025, as supplemented by a prospectus supplement dated September 28, 2026. The joint lead agents and joint active bookrunners for the offering include CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, and Scotia Capital Inc.