{
  "docId": "019de072-37d6-7755-8e9e-0a6385739f0c",
  "docSlug": "fb136123164f5e36a5a596a541676b1e",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 9,
  "pageCount": 68,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "other",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide highlights two specific bond issuances from 2021 with red dashed boxes.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-37d6-7755-8e9e-0a6385739f0c/9",
  "deckHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c",
  "deckJsonHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c.json",
  "deckAnchorHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.82
      },
      "kind": "callout",
      "text": "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",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a9f0ea1-e5b6-45d7-b1bd-f32f6abf2d8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "In 2021, PSH completed two new bond issuances of $1.3 billion and redeemed $369 million of debt due in 2022",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24174ecc-c48d-45ba-b586-278709d3bdbd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "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.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "168ab438-93dc-4996-a8b8-7ce59ba5eb05",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.84,
        "x": 0.08,
        "y": 0.3
      },
      "kind": "table",
      "text": "PSH Capital Structure table showing bonds, amounts, coupons, maturities, and issue dates.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5e6af46-b2b8-4f0a-a89e-62596a63d577",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "2021 Corporate Actions: New Bond Issuances",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3e49d177-d686-4f3d-ba25-b0a129f95c83",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}