Canadian Pacific Kansas City Limited has announced that its fully owned subsidiary, Canadian Pacific Railway Company, will issue US$600 million of 4.800% Notes due 2030 and US$600 million of 5.200% Notes due 2035, both of which will be guaranteed by CPKC.

The offering is set to close on March 17, 2025, pending the satisfaction of customary closing conditions.

The proceeds from this issuance will primarily be used for refinancing outstanding debt and for general corporate purposes. Until the funds are utilized for these purposes, they may be invested in short-term investment-grade securities or bank deposits.

The offering is led by Wells Fargo Securities, LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC, with a syndicate that includes BMO Capital Markets Corp., CIBC World Markets Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., ATB Securities Inc., Desjardins Securities Inc., and U.S. Bancorp Investments, Inc.

This issuance is being conducted under an effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). Copies of the related documents are available from the SEC.

This announcement does not constitute an offer to sell or a solicitation to buy securities in Canada or in any jurisdiction where such offers, solicitations, or sales would be unlawful before registration or qualification under local securities laws. Under the terms of the offering, the underwriters have agreed not to offer or sell these securities in Canada or to any Canadian resident.

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