Canadian Pacific Railway Prices Debt Offering

Canadian Pacific Railway Limited (TSX/NYSE: CP) announced today that its wholly-owned subsidiary, Canadian Pacific Railway Company, has entered into an underwriting agreement providing for the issuance of US$350 million of 7.25% Notes due May 15, 2019. The transaction is expected to close May 15, 2009. CP intends to use the net proceeds from the offering to partially finance the repurchase of certain of its outstanding US dollar denominated long-term debt securities pursuant to a tender offer announced today. The balance, if any, will be used for general corporate purposes. This offering is consistent with CP's objective to enhance its capital structure and improve its debt maturity profile. JPMorgan and Morgan Stanley were joint bookrunners on the offering.