OTTAWA — Canadian Pacific Railway Co. has filed a preliminary short-form shelf prospectus with provincial regulators for the potential sale of up to $1-billion of medium-term notes, the Globe and Mail reports.
The railway operator said it will recall the existing shelf prospectus for its Canadian medium-term note program, which expires in July.
Calgary-based CPR said the notes may be issued from time to time during the 25 months following a receipt for a final short-form shelf prospectus.
It said net proceeds from the sale of notes will be used to reduce outstanding debt, to finance capital expenditures and for general corporate purposes.
CPR said the notes have been provisionally rated triple-B by Standard & Poor’s Corp., Baa2 (P) by Moody’s Investors Service Inc., and triple-B (stable) by Dominion Bond Rating Service Ltd.
The dealers for the note program will be RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., and TD Securities Inc., the company said.