Pioneer could be purchased by private equity, apparently Bain Capital was interested but walked away, perhaps on price? Now that the loans are basically going to be called in (terms notes of 40m and bank debt of aprox 110m) PNC may become a very motivated seller. There was a previous Street Talk article that said CCP was not a bidder at the time, but likely would not want to see a big investor enter the PDL market, which makes sense. Interested to see if CCP makes an offer for the PDL book now that it is in a distressed state, however with only 165m in debt headroom after the Baycorp acquisition, and PNC currently holding about 245m of PDLs at 'fair value' (likely to be reduced) on it's books, it looks like this may beyond CCP without an additional capital raise. Looks like PNC shareholders may end up with $1 per share or less (after the debt is paid) if a private equity buyer isn't interested.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)