Pershing Square will accept $359.88 million of 5.5% tendered notes

Chicago, Sept. 30 – Pershing Square Holdings, Ltd. said that it will accept all $359,877,000 of the tendered notes from its offer to buy its $1 billion outstanding 5.5% senior notes due 2022 (ISINs: XS1242957006, XS1242956966), according to a press release.

After the company repurchases the notes, there will be $640,123,000 of the notes outstanding.

As announced on Wednesday, for each $1,000 principal amount of notes tendered, the company will pay $1,032.82, based on the 0.125% U.S. Treasury due Aug. 31, 2023 plus a fixed spread of 50 basis points. Pricing was determined using the first par call date and was set at 10 a.m. ET on Sept. 29.

Accrued interest will also be paid to the settlement date.

The offer expired 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 was conditioned on a new offering of notes. The new notes and cash on hand will be used to purchase the notes. Pershing Square announced the successful pricing of €500 million of notes due 2027 and $700 million of notes due 2031, satisfying the financing condition.

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

The tender offer was announced on Sept. 22.

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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