Davis Polk advised the joint book-running managers in connection with the offering by Canadian Pacific Railway Company of $500 million aggregate principal amount of 2.05% notes due 2030. The notes are guaranteed by Canadian Pacific Railway Limited, the parent company of Canadian Pacific Railway Company.

Based in Calgary, Alberta, Canada, Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. Canadian Pacific provides North American customers a competitive rail service with access to key markets in every corner of the globe and is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise.

The Davis Polk capital markets team included partner John G. Crowley and associates Jennifer Ying Lan and Gil Savir. Partner William A. Curran and associate Adam R. Brownstone provided tax advice. Counsel David A. Zilberberg and associate Cristina Harshman provided environmental advice. Members of the Davis Polk team are based in the New York and Northern California offices.