Message
from Conductor/ Trainmen Local Chairman, Division 320
Brothers,
Thought
this would be germane to the issues at the National table and
where the MWED are coming from. I find it really comforting to
be told that not only is CPR a great corporation, but it makes
North America a better place to live (4th paragraph). No wonder
they don't want to pay us properly. If we factor in the improvement
of our life simply because CPR operates in North America, we probably
should take a cut.
CNW Group Portfolio E-Mail -CANADIAN PACIFIC RAILWAY
Transmitted
by CNW Group on : May 3, 2007 17:30
Canadian
Pacific announces US$450 million debt offering
CALGARY,
May 3 /CNW/ - Canadian Pacific Railway Limited (TSX/NYSE: CP)
announced today that its wholly-owned subsidiary, Canadian Pacific
Railway Company, is issuing US$450 million of 5.95% Notes due
May 15, 2037. The transaction is expected to close May 8, 2007.
The net proceeds from this offering of approximately US$439
million will be used to repay an outstanding balance on a revolving
credit facility, provide funding to finance the repurchase of
CP shares through normal course issuer bids and for general
corporate purposes.
The
debt offering is being made in the United States under the shelf
registration statement filed on May 2, 2007 for up to US$1.5
billion of debt securities.
Mike
Lambert, CP's Executive Vice President and Chief Financial Officer
said, "With our strong balance sheet and cash flows, and
with an attractive capital market, we felt now was the time
for a new debt issue. We will continue to manage our credit
statistics and coverage ratios to optimize our capital structure
and create shareholder value."
Canadian
Pacific, through the ingenuity of its employees located acros
Canada and in the United States, remains committed to being
the safest, and most fluid railway in North America. Our people
are the key to delivering innovative transportation solutions
to our customers and to ensuring the safe operation of our trains
through the more than 900 communities where we operate. Our
combined ingenuity makes CP a better place to work, rail better
way to ship, and North America a better place to live.
Yours
fraternally,
Ray
Hnatiuk
Local Chairman, Conductors/Trainmen
Division 320
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