By Aleesia Forni
Virginia Beach, June 22 – Pershing Square Holdings, Ltd. priced $1 billion of 5.5% senior notes (/BBB/BBB+) due July 15, 2022 on Tuesday at par with a spread of 333.6 basis points over Treasuries, according to market sources.
Pricing was in line with talk, which had been set at the 5.5% area.
Deutsche Bank Securities Inc. and UBS Securities LLC managed the sale, which was done via Rule 144A and Regulation S.
The net proceeds from the offering will be used to make investments or hold assets in accordance with the company’s investment policy, including by way of rebalancing transactions with other funds managed by Pershing Square Capital Management LP, as well as to fund operating expenses.
The investment company is based in New York.
| Issuer: | Pershing Square Holdings, Ltd.
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| Amount: | $1 billion
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| Description: | Notes
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| Maturity: | July 15, 2022
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| Bookrunners: | Deutsche Bank Securities Inc., UBS Securities LLC
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| Coupon: | 5.5%
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| Price: | Par
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| Yield: | 5.5%
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| Spread: | Treasuries plus 336.9 bps
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| Trade date: | June 23
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| Ratings: | Standard & Poor’s: BBB
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| Fitch: BBB+
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| Price guidance: | 5.5% area
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| Make-whole call: | Rule 144A, Regulation S
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