By Andrea Heisinger
Omaha, May 14 - Canadian Pacific Railway Co. priced $700 million of notes (/BBB/) in two tranches Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The $400 million of 5.75% five-year notes priced at 99.625 to yield 5.838%, or Treasuries plus 260 basis points.
The $300 million of 6.5% 10-year notes priced at 99.588 to yield 6.557%, or Treasuries plus 260 bps.
Both tranches have make-whole redemptions of Treasuries plus 40 bps.
Morgan Stanley & Co. Inc. and RBC Capital Markets were bookrunners.
Co-managers were Banc of America Securities LLC, CIBC World Markets, J.P. Morgan Securities Inc., Scotia Capital and TD Securities.
The railway is based in Calgary, Alta.
Issuer: | Canadian Pacific Railway Co.
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Issue: | Notes
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Amount: | $700 million
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Bookrunners: | Morgan Stanley & Co., Inc., RBC Capital Markets
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Co-managers: | Banc of America Securities LLC, CIBC World Markets, J.P. Morgan Securities Inc., Scotia Capital, TD Securities
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Trade date: | May 14
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Settlement date: | May 20
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Rating: | Standard & Poor's: BBB
|
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Five-year notes
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Amount: | $400 million
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Maturity: | May 15, 2013
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Coupon: | 5.75%
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Price: | 99.625
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Yield: | 5.838%
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Spread: | Treasuries plus 260 bps
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Call: | Make-whole at Treasuries plus 40 bps
|
|
10-year notes
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Amount: | $300 million
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Maturity: | May 15, 2018
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Coupon: | 6.5%
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Price: | 99.588
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Yield: | 6.557%
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Spread: | Treasuries plus 260 bps
|
Call: | Make-whole at Treasuries plus 40 bps
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