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  "documentTitle": "20190312 Deutsche Bank MIT Conference",
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  "notes": "The slide highlights a significant de-leveraging trend over a six-year period.",
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      "text": "De-levered significantly (~4.0x) between December 2009 and December 2013",
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      "text": "De-levered significantly (~4.0x) between December 2009 and December 2013\nConsistently reduced weighted average cost of debt\nGray now generates significant free cash flow in both political and non-political years",
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      "text": "Net Financial Leverage: 5.6x",
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      "text": "(1) Leverage shown on a two year blended basis to account for biennial shifts in political revenues\nAs defined in Senior Credit Facility; 2013 pro forma for completed acquisitions.",
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