Canadian Pacific tenders for up to $450 million of 6.25% notes, 5.75% notes, 6.5% notes

By Susanna Moon

Chicago, May 12 - Canadian Pacific Railway Ltd. said its wholly owned subsidiary Canadian Pacific Railway Co. began a cash tender offer for up to $450 million principal amount of three series of notes.

Canadian Pacific will buy up to all of the $400 million of 6.25% notes due Oct. 15, 2011; all of the $400 million of 5.75% notes due May 15, 2013 and up to $75 million of the $300 million of 6.5% notes due 2018. The notes are listed in order of acceptance priority level.

For each $1,000 principal amount, the company will pay $1,035 for the 6.25% notes, $1,040 for the 5.75% notes and $985 for the 6.5% notes. The total payment includes a $30.00 premium for notes tendered by 5 p.m. on May 27, the early tender date.

The offer will expire at midnight ET on June 10.

Securities tendered by the early tender date may be withdrawn at any time before 5 p.m. ET on May 27. Securities tendered after the early tender date may not be withdrawn.

The railway is based in Calgary, Alta.

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