Pinnacle Towers Inc. has seen both its stock and its bonds take a dive after the Securities and Exchange Commission announced it would formalize its conflict of interest investigation between Pinnacle and auditor and consultant PricewaterhouseCoopers (PWC). Pinnacle saw its $325 million tranche of 10% senior discounted notes, which had been trading in mid-60s in May and had climbed steadily into the 70s over the summer, drop sharply into the mid 50s after news about the SEC investigation was made public. As of August Pinnacle had $828 million in debt, including $200 million in convertible notes and $377 million tapped of its $670 million senior credit facility. Its stock hit a 52-week low of $11.88 after the announcement but by press time rose to $14.06.
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