As of 5:00 p.m., New York City time, on Thursday, September 15, 2005 (the "Consent Date"), Pioneer had received tenders for $188,375,000 in principal amount of the Notes (the "Tendered Notes") representing 96.9% of the outstanding principal amount of the Notes. Pioneer will accept tenders of all of the Tendered Notes.
As a result, Pioneer has received sufficient tenders of the Notes to execute the proposed amendments. Settlement for the total early payment of $1,061.15 for each $1,000 principal amount of Tendered Notes (the "Total Early Payment"), including a consent payment of $30, will be on Tuesday, September 20, 2005 (the "Early Settlement Date"). Settlement will also include payment of accrued and unpaid interest on the Tendered Notes to, but not including, the Early Settlement Date. Pioneer will execute the proposed amendments prior to the Early Settlement Date.
The Tender Offer expires at 12:00 midnight, New York City time, on Thursday, September 29, 2005 (the "Expiration Date"). Holders who validly tender their Notes and give their consent to the proposed amendments after the Consent Date but before the Expiration Date will be entitled to receive only the tender price, which is the Total Early Payment less the consent payment of $30, plus accrued and unpaid interest on Notes accepted in the Tender Offer to, but not including, the final settlement date.
On September 15, 2005, the Company paid the semiannual interest payment on the Notes to holders of record of the Notes on September 1, 2005.
The terms of the Tender Offer are described in Pioneer's Offer to Purchase and Consent Solicitation Statement dated September 1, 2005. Pioneer has engaged D.F. King & Co., Inc., to act as information agent in connection with the Tender Offer. Requests for copies of the Offer to Purchase and Consent Solicitation Statement and questions regarding the Tender Offer may be directed to D.F. King & Co., Inc. at 1-800-859-8509. Pioneer has engaged Goldman, Sachs & Co. to act as dealer managers in connection with the Tender Offer and as solicitation agent for the consent solicitation. Questions regarding the Tender Offer and the consent solicitation may be directed to Goldman, Sachs & Co. at 1-800-828-3182.
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