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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-03-31 00:00:00",
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      "text": "We do not believe that the Mergers covenant in either the public or private bonds is a material concern for shareholders.",
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      "text": "For example, rather than spinning off the REIT, the OpCo could be spun off instead.",
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      "text": "Again, it is important to note that the consequences of triggering the Mergers covenant is not a Make-Whole Payment, but merely that the debt will travel with the spin-off assets that constitute “substantially as an entirety.”",
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      "text": "Alternatively, “the Company could create a REIT spin-off that holds most – but not all – of the real estate assets.”",
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      "text": "Even if management argues that the Company’s real estate does in fact constitute Darden’s assets “substantially as an entirety,” a real estate separation would not necessarily cause a violation of the Mergers covenant.",
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      "text": "The independent Covenant Review report provides convincing support for our position on the Mergers covenant.",
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      "text": "the Company could create a REIT spin-off that holds most – but not all – of the real estate assets. — Independent Covenant Review",
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      "text": "5 Management has misled shareholders regarding potential debt breakage costs (cont'd)",
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