Bill Ackman Launches $1 Billion Bond Offering

Bill Ackman’s Pershing Square Holdings announced on Tuesday that it had raised $1 billion from investors in the bond market for use in the hedge fund’s investment objectives.

This is the first time that the firm has raised money by tapping the debt markets.

Senior notes to carry 5.5% coupon

In its statement, Pershing Square Holdings unveiled its pricing of $1 billion in senior notes due 2022 at a coupon of 5.500% per annum. The statement added that the net proceeds from the offering of the notes are expected to be used to make investments or hold assets in accordance with the firm’s investment...