Pershing Square Activist Presentation Deck
2021 Corporate Actions: New Bond Issuances
In 2021, PSH completed two new bond issuances of $1.3 billion and
redeemed $369 million of debt due in 2022
($ in mm)
Total Capital
PSH Capital Structure
2022 Bonds (Public Offering)
2027 Bonds (Public Offering) | €500mm EUR(¹)
2030 Bonds (Public Offering)
2031 Bonds (Public Offering)
2032 Bonds (Private Placement)
2039 Bonds (Private Placement)
Total Debt
Total Indebtedness to Total Capital
Net Asset Value (Total Capital less Total Debt)
2/8/2022
$13,476
$631
571
500
700
200
400
$3,002
22.3%
$10,474
Coupon
Maturity Issue Date
5.500% Jul-2022 Jun-2015
1.375% Oct-2027 Oct-2021
3.250% Nov-2030 Nov-2020
3.250% Oct-2031 Oct-2021
3.000% Jul-2032 Aug-2020
4.950% Jul-2039 Jul-2019
PSH's long-term debt management strategy is to manage leverage over time by increasing NAV
through strong performance and laddering its maturities through new issuances
Note: Total Assets and the ratio of Total Debt to Total Assets are calculated in accordance with the PSH Bonds' Indentures. Total Assets is defined as Net Asset Value plus Total
Debt and is net of accrued performance fee.
(1) Assumes a 1.14x EUR/USD exchange rate.
9View entire presentation