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  "documentTitle": "General Electric (GE)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2015-10-05 00:00:00",
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      "text": "We Believe GE Can Incur just over $20 billion in Leverage and Maintain an Upper Investment Grade Rating",
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      "text": "Note: EBITDA refers to earnings before interest, taxes depreciation, amortization, and non-recurring charges. See appendix for Trian's estimated leverage bridge through 2018...",
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      "text": "Financial Debt Capacity: $21.5bn",
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      "text": "2018e Financial EBITDA: $24.0; (+) Operating pension costs: 1.7; (+) Operating lease payments: 1.2; Adjusted EBITDA: $26.8; x Target Adjusted Leverage: 2.00x; Target Adjusted Debt: $53.6; Current pension funded status: ($23.0); Interest rate adjustment: 7.4; (-) Year-end 2018 pension funded status: ($15.6); (-) PV of minimum operating lease obligations: ($2.1); Target Financial Debt: $35.8; Less: Financial Debt in 2018: (14.3); Financial Debt Capacity: $21.5",
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