Canadian Pacific Railway (CPR) has raised $510.8 million through a new share offering, which it may use to pay down debt or fund capital projects.

The Calgary-based railway company announced Wednesday it had completed a common equity offering of 13.9 million shares at $36.75 a share.

The company said Jan. 27 it had entered into a deal with a “syndicate of underwriters” for a share sale to the public, primarily in Canada and the U.S., for 12.6 million shares, with an option for the underwriters to buy another 1.3 million.

The underwriters exercised their overallotment option, CPR said, bringing the sale’s gross proceeds from an expected $463 million to the $510.8 million announced Wednesday.

“The net proceeds of the offering may be used to reduce indebtedness, contribute to funding of capital projects and for general corporate purposes,” the company said Jan. 27.