Pershing Square Investor Presentation Deck
2020 Corporate Actions: New Bond Issuances
In 2020, PSH completed two new bond issuances, raising a total of $700
million in additional capital at high ly attractive interest rates
($ in mm)
Total Assets
2022 Bonds (Public Offering)
2030 Bonds (Public Offering)
2032 Bonds (Private Placement)
2039 Bonds (Private Placement)
Total Debt
Total Debt to Total Assets
PSH Capital Structure
As of
2/16/2021
$11,887
Net Asset Value (Total Assets less Total Debt)
$1,000
500
200
400
$2,100
17.7%
$9,787
Coupon
Maturity Issue Date
5.500% Jul-2022 Jun-2015
3.250% Nov-2030 Nov-2020
3.000% Jul-2032 Aug-2020
4.950% Jul-2039 Jul-2019
2020 New
Issuances
PSH's long-term debt management strategy is focused on managing leverage over time by
increasing NAV through strong performance and laddering its maturities through new issuances
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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.View entire presentation