May 13, 2009 (FinancialWire) — Canadian Pacific Railway Ltd. (NYSE: CP) said that its operating subsidiary has entered into an underwriting agreement providing for the issuance of $350 million of 7.25% notes due May 15, 2019.

The transaction is scheduled to close May 15. CP plans to use the net proceeds from the offering to partially finance the repurchase of certain of its outstanding U.S. dollar denominated long-term debt securities through a tender offer.

CP said that the balance, if any, will be used for general corporate purposes.

Calgary, Canada-based Canadian Pacific is a North American railway operator.

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