Canadian Pacific Kansas City Announces C$1.8 Billion Multi-Tranche Debt Offering

Offering Overview

On September 28, 2026, Canadian Pacific Kansas City Limited announced that its wholly-owned subsidiary, Canadian Pacific Railway Company, is issuing an aggregate of CAD $1.8 billion in senior notes in Canada, fully guaranteed by CPKC.

Tranche Breakdown

• CAD $500 Million: 4.20% Senior Notes due 2030
• CAD $550 Million: 4.60% Senior Notes due 2033
• CAD $300 Million: 4.90% Senior Notes due 2037
• CAD $450 Million: 5.40% Senior Notes due 2056

Key Terms & Logistics

• Guarantor: Canadian Pacific Kansas City Limited
• Closing Date: Expected on October 6, 2026, subject to customary closing conditions.
• Underwriters/Agents: Joint lead agents and active bookrunners are CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, and Scotia Capital Inc.
• Use of Proceeds: Net proceeds will be utilized primarily to refinance CPRC's outstanding indebtedness and for general corporate purposes.

Market Impact & Significance

This offering represents standard corporate balance sheet management and debt ladder extension across medium- and long-term maturities (up to 30 years). By locking in fixed-rate financing across varying durations, CPKC proactively manages upcoming maturities and liquidity needs without diluting equity holders.