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Canadian Pacific announces $379M debt offering
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NEW YORK - Canadian Pacific Railway Co. is issuing about $379 million (400 million Canadian dollars) of notes that it could use for pension obligations and restructuring of debt.
Parent Canadian Pacific Railway Ltd. announced Thursday that the notes would carry 6.45 percent rates and would be due in 2039. The transaction is expected to close next Tuesday.
The company said it expects net proceeds of about $377 million (CD$398 million). The offering is being made in Canada under a shelf prospectus issued in June for up to $1.42 billion (CD$1.5 billion) of medium-term notes.
The railway affiliates operates freight track in Canada and the United States.
Shares of Canadian Pacific fell 93 cents to $48.19.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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