I would guess that the 20mm warrants PL would get in remumeration for providing the backstop are worth approximately $2 each (about $1 for the present value over 15 years of the cost of buying common now, plus another $1 for the insurance value of not putting up any money at all until you know it is worthwhile).
Assuming $2, then PL is being paid $40mm to provide the $200mm backstop. But it is unlikley that the backstop will actually be used, since the rights are priced at a discount and can be sold in the market. Further, if PL does have to transact any of the $200mm, they will get a Preferred B that is inherently worth more than the common (because it pays 10% and can be converted at the discounted rights price).
$40mm (or even half that) seems like a stiff fee to pay for this backstop, but perhaps it is the best we can hope to get.