(The Associated Press circulated the following on May 12, 2009.)
NEW YORK — Canadian Pacific Railway Ltd. said Tuesday that its main railroad Canadian Pacific operating unit is offering $300 million in 10-year notes.
Canadian Pacific plans to use net proceeds from the offering to partially fund the repurchase of $450 million of Canadian Pacific Railway Co.’s notes, including 6.25 percent notes due 2011, 5.75 percent notes due 2013 and 6.50 percent notes due 2018.
The balance, if any, will be used for general corporate purposes.
Canadian Pacific’s U.S.-listed shares fell 70 cents to $36.27 in afternoon trading.