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  "documentTitle": "Bank of America | Investment Banking Pitch Book | 38 slides",
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  "authorName": "Bank of America Merrill Lynch",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "Includes valuation metrics like EV/EBITDA multiples and transaction value calculation.",
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      "kind": "disclaimer",
      "text": "Source: Pioneer Management, public filings and FactSet as of April 25, 2014. Note: Dollars in millions. Pioneer fiscal year ends June 30. (1) As of March 31, 2014, per Pioneer Management. (2) FY2014E estimates adjusted to reflect actual Q3 FY2014 results and calendarized where appropriate.",
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      "text": "Offer Price Per Share $12.75; Premium to: Current (4/25/2014) $9.98 27.8%; 30-Day VWAP 10.62 20.1%; 90-Day VWAP 10.49 21.5%; 52-Week High (5/3/2013) 15.95 (20.1%); 52-Week Low (11/5/2013) 8.72 46.2%; Diluted Shares Outstanding (mm) 32.8; Equity Value $418; Plus: Total Debt 238; Less: Cash & Cash Equivalents (4); Transaction Value $652",
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      "text": "Pioneer Base Case, Pioneer Sensitivity Case, Wall Street Research; EV / LTM EBITDA (FY'14E) $69 9.4x $69 9.4x $72 9.0x; EV / CY2014E EBITDA 75 8.7 76 8.6 77 8.5; EV / CY2015E EBITDA 89 7.3 98 6.6 NA NA",
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