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  "documentTitle": "Bank of America | Investment Banking Pitch Book | 46 slides",
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  "authorName": "Bank of America Merrill Lynch",
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  "presentationDate": "2014-08-01 00:00:00",
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  "notes": "Includes Bank of America Merrill Lynch branding and 10xebitda footer.",
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      "text": "Source: Pioneer Management, public filings and FactSet as of August 1, 2014. Note: Dollars in millions, except per share figures. Pioneer fiscal year ends June 30. (1) Assumes $196.0 million in net debt as of June 30, 2014 based on revised Pioneer Management estimates as of July 29, 2014. (2) FY2014E financial results for Pioneer Base Case and Pioneer Sensitivity Case adjusted to reflect actual results through May as well as preliminary June results as of August 1, 2014. Figures calendarized where appropriate. Includes ~$5 million adjustment related to Loss on Sale and Other Expenses, M&A expenses, Tres Amigas reserves, California Job Losses and Severance. CY2014E includes half of the ~$5 million adjustment due to calendarization.",
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      "text": "Offer Price Per Share $12.00; Premium to: Current (8/1/14) 50.8%; 30-Day VWAP 39.6%; 90-Day VWAP 32.0%; 52-Week High (8/5/13) (3.9%); 52-Week Low (8/1/14) 50.8%; Diluted Shares Outstanding (mm) 32.771; Equity Value $393; Plus: Net Debt 196; Transaction Value $589",
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      "text": "EV / LTM Adj. EBITDA (FY'14E) Pioneer Base Case $76 7.8x; Pioneer Sensitivity Case $76 7.8x; Wall Street Research $70 8.4x; EV / CY2014E EBITDA 78 7.5; 79 7.5; 76 7.7; EV / CY2015E EBITDA 89 6.6; 98 6.0; 87 6.7",
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      "text": "Implied Premiums and Multiples of Revised Court Square Offer",
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