Pershing Square offers to buy any and all 5.5% notes due 2022

Chicago, Sept. 22 – Pershing Square Holdings, Ltd. started a tender offer on Wednesday for any and all of its $1 billion outstanding 5.5% senior notes due 2022 (ISINs: XS1242957006, XS1242956966), according to a press release.

Pricing for the tender offer will be based on the 0.125% U.S. Treasury due Aug. 31, 2023 plus a fixed spread of 50 basis points. Pricing will be determined using the first par call date.

Pricing will be determined at 10 a.m. ET on Sept. 29.

Accrued interest will also be paid to the settlement date.

The offer expires at 5 p.m. ET on Sept. 29, also the withdrawal deadline.

Noteholders who tender via guaranteed delivery procedures must deliver their notes by 5 p.m. ET on Oct. 1.

The offer is conditioned on a new offering of notes. The new notes and cash on hand will be used to purchase the notes.

Settlement is planned for Oct. 4, including for guaranteed delivery tenders.

The dealer managers for the offer are Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) and UBS AG London Branch (888 719-4210, 203 719-4210).

The tender and information agent is Global Bondholder Services Corp. (212 430-3774, 866 807-2200, contact@gbsc-usa.com, https://www.gbsc-usa.com/pershingsquareholdings).

Pershing Square, based in London, is an investment holding company structured as a closed-end fund.

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