CPKC announces US $1.2 billion debt offering

Executive Summary

• CPKC announced a US $1.2 billion senior unsecured debt offering consisting of two tranches: US $600 million 4.000% notes due 2029 and US $600 million 5.500% notes due 2056, both guaranteed by the parent.
• The offering is expected to close on March 6, 2026, subject to customary closing conditions.
• Net proceeds will be used primarily to refinance existing indebtedness and for general corporate purposes; any unspent funds may be invested in short‑term investment‑grade securities or bank deposits.

Key Details

• Notes Issued:
• US $600 million 4.000% senior notes due 2029
• US $600 million 5.500% senior notes due 2056 (both guaranteed by CPKC)
• Closing Date: Anticipated March 6, 2026, subject to customary conditions.
• Use of Proceeds: Primarily refinancing of outstanding debt; remainder for general corporate purposes and may be placed in short‑term investment‑grade securities or bank deposits until needed.
• Bookrunners / Syndicate: Joint active bookrunners – Goldman Sachs & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc.; syndicate includes BMO Capital Markets Corp., CIBC World Markets Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, ATB Capital Markets Corp., Desjardins Securities Inc., and U.S. Bancorp Investments, Inc.
• Offering Basis: Made pursuant to an effective shelf registration statement filed with the SEC; prospectus supplement available on request from the listed underwriters.
• Guarantee: Both note series are guaranteed by Canadian Pacific Kansas City Limited (CPKC).

Notable Quotes

(No executive quotes were included in the release.)