B of A, Deutsche Bank Prep Pinnacle Launch

  • 05 May 2002
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Bank of America and Deutsche Bank are preparing the launch of a $340 million exit financing for Pinnacle Holdings that will include a $300 million amortizing "B" piece. A banker said Pinnacle should emerge from bankruptcy in July and the loan will emerge concurrent with the company's exit. Pricing and terms on the bank debt, which also comprises a $40 million revolver, have not been finalized.

Private equity firms Fortress Investment Group and Greenhill Capital Partners are investing $205 million in the tower company as part of the pre-negotiated bankruptcy. This will provide the two shops with a majority stake. Other lenders to the old credit included PPM and Morgan Stanley Prime Income Trust among the institutions and BankBoston (now Fleet) and Société Générale were among the bank lenders.

The 10% senior notes in Pinnacle will be cancelled, in exchange for $114 million in cash, and up to 49% of the newly reorganized Pinnacle stock. The 5.5% subordinated notes will be exchanged for $500,000 in cash and five-year warrants to purchase up to 205,000 shares in the new company.

  • 05 May 2002

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1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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5 Credit Suisse 37,235.50 114 5.81%