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  "docSlug": "ac649d3561f0",
  "documentTitle": "Macy's Inc. (M)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2016-01-11 00:00:00",
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  "pageNumber": 15,
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  "notes": "The slide uses a diagram to illustrate the flow of cash and debt obligations between Macy's, the real estate entities, and debt holders.",
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      "text": "In this illustration, we assume the JV takes on initial leverage of 5.8x net debt / EBITDA, or $6.9 billion(1), which enables Macy’s to repay debt at the parent-level in order to achieve a target leverage ratio of 3.5x Adjusted Debt / EBITDAR at the OpCo.",
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      "kind": "diagram",
      "text": "Iconic properties JV and Mall properties JV structure diagrams showing cash and debt flows.",
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      "kind": "list",
      "text": "Raise debt at the entity or asset level and distribute the cash to Macy’s.",
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      "text": "net debt / EBITDA: 5.8x",
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      "text": "Source: Company filings and Starboard Value estimates. (1) Net debt includes $691 million of cash raised from the partner’s cash contributed at the iconic properties JV and $990 million of cash raised from the partner’s cash contributed at the mall properties JV. (2) Includes Herald Square, Union Square, State Street, and Downtown Minneapolis.",
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      "kind": "title",
      "text": "JV structure with the substantial majority of Macy’s real estate assets (cont’d)",
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