Pershing Square Holdings’ New Money Offering and Concurrent Tender Offer
October 4, 2021
Cleary Gottlieb represented the initial purchasers, led by Citigroup, Deutsche Bank, and UBS, as joint bookrunners, in a €500 million Rule 144A/Reg S offering by Pershing Square Holdings of 1.375% senior notes due 2027; the initial purchasers, led by Citigroup, Jefferies, and UBS, as joint bookrunners, in a $700 million Rule 144A/Reg S offering by Pershing Square Holdings of 3.25% senior notes due 2031; and Citigroup and UBS, as dealer managers, in a concurrent offer to purchase any and all of its 5.5% senior notes due 2022.
The offering of the new notes launched on September 22, 2021, priced on September 28, 2021, and settled on October 1, 2021. The tender offer launched on September 22, 2021, and settled on October 4, 2021. The notes were subsequently listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market thereof.
The net proceeds from the notes will be used to fund the tender offer and for general corporate purposes, and/or to make other investments or hold assets in accordance with Pershing Square Holdings’ investment policy.
Pershing Square Holdings is a Guernsey-organized closed-ended investment holding company that is principally engaged in the business of acquiring and holding significant (but generally not controlling) positions in a concentrated number of large capitalization companies, in which it may take an active or strategic role. It is managed by Pershing Square Capital Management, L.P., an SEC-registered investment advisor that is ultimately controlled by William A. Ackman and adopts a concentrated, research-intensive, fundamental value approach to investing. The company’s public shares are admitted to trading on the Euronext Amsterdam and admitted to listing on the premium listing of the Official List of the UK’s Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc, and are included in the FTSE 100 and FTSE All-Share indices.