06:07 AM EDT, 03/13/2025 (MT Newswires) -- Canadian Pacific Kansas City ( CP ) (CP.TO, CP) was at last look down 0.7% in US premarket after it overnight Wednesday announced that its wholly-owned subsidiary, Canadian Pacific Railway Company, is issuing US$600 million of 4.800% Notes due 2030 and US$600 million of 5.200% Notes due 2035, which will be guaranteed by CPKC.

A statement noted the offering is expected to close on March 17, 2025, subject to the satisfaction of customary closing conditions.

It said net proceeds from the offering will be used primarily for the refinancing of outstanding indebtedness and for general corporate purposes. Until utilized for such purposes, the net proceeds may be invested in short term investment grade securities or bank deposits.