Roughly $15-20 million of Pinnacle Holdings was offered at 99 last week following news of the prepackaged bankruptcy plan. Traders quoted the market for the name in the 96-97 context two weeks ago. One dealer explained that as the name ticks closer to par many hedge funds that had bought in at levels close to 85 did not want to wait until as the name ticked closer to par. No trades were confirmed. "The paper should find a home based on what we know," said the dealer, referring to the strength of the plan.
Pinnacle Holdings is a real estate investment trust that rents tower space, mostly in southwestern United States. The company's tenants include wireless companies such as Nextel and Sprint PCS, as well as the FBI and the Bureau of Alcohol, Tobacco, and Firearms.