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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "We believe that the issuance of the 2039 bonds established a favorable benchmark spread which will assist PSH over time in refinancing, and/or extending the maturity of the 2022 bonds",
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      "text": "Opportunistic issuance at a highly attractive interest rate; Ability to access low-cost, investment-grade, long-term debt is an important competitive advantage for PSH; 20-year term is well matched with PSH’s long-term investment horizon; No mark-to-market covenants",
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      "text": "interest rate: 4.950%",
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      "text": "In July 2019, PSH issued $400 million of unsecured bonds with a coupon of 4.950%, maturing on July 15, 2039",
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      "text": "(1) Callable at 100% of par from July 15, 2034 (2) Trading price at time of issuance of the Bonds (July 25, 2019). Adjusted for the difference in term",
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      "text": "2019 Corporate Actions: New Bond Issuance",
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