Select a region
Mourant Ozannes has advised Pershing Square Holdings, Ltd. (PSH) on all Guernsey-related aspects of its successful closing of $1 billion Senior Notes due 2022 at a coupon of 5.500% per annum (the Notes) on 26 June 2015.
The net proceeds from the offering of the Notes are expected to be used to make investments or hold assets in accordance with PSH’s investment policy, including by way of rebalancing transactions with other funds managed by Pershing Square Capital Management, L.P., as well as to fund operating expenses.
PSH is run by Pershing Square Capital Management, L.P., an investment manager founded by Bill Ackman in 2003 which had US$19.0 billion in assets under management as at 31 March 2015. PSH is a concentrated, research intensive, fundamental value investor in the public markets in long and occasionally short positions in equity or debt securities of U.S. and non U.S. issuers (including securities convertible into equity or debt securities), derivative instruments and other financial instruments.
The Mourant Ozannes Guernsey corporate team comprised partner Gavin Farrell, senior associate Richard Holden and paralegal Jessica Webb. Alex Horsbrugh-Porter, senior associate in the Litigation practice, assisted on certain aspects of the transaction. Gavin Farrell said: "The completion of the bond offering of Pershing Square Holdings is a testament to its continued success as a fund and a stamp of approval for Guernsey as a jurisdiction where such a company can issue both equity and debt in the capital markets. Mourant Ozannes continues to be delighted and honoured to advise PSH on all aspects of Guernsey law relating to its capital raisings and associated transactions."
Mourant Ozannes worked with lead London law firm Sullivan & Cromwell LLP to complete the deal. Elysium Fund Management Limited has acted as administrator and company secretary to PSH since its inception in 2012. The Elysium team comprised of Joanna Duquemin Nicolle and Sadie Morrison advising on company secretarial matters and Steve Mann advising on accounting matters. Cleary Gottlieb Steen & Hamilton LLP advised both Deutsche Bank Securities Inc. and UBS Limited as the joint bookrunners.
