Bill Ackman’s Pershing Square Holdings Ltd has returned to the US investment-grade market for the first time since 2021, raising $500m through a new seven-year dollar bond issued on Thursday, according to a report by Bloomberg.

The notes were priced to yield 1.75 percentage points above Treasuries, tightening by around 25 basis points from initial guidance, according to a person familiar with the deal. Proceeds from the sale will be used for general corporate purposes.

The issue marks Pershing Square’s first US dollar-denominated bond in four years, following a $700m 10-year deal completed in 2021. Earlier this year, the firm also raised €650m ($754m) in the European market.

Rated A- by S&P Global Ratings and expected to receive a BBB from Fitch Ratings, the new bond was issued without registration rights. Citigroup led the deal as sole global coordinator, with Bank of America, Jefferies, and UBS also acting as bookrunners.