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  "documentTitle": "FirstGroup plc (FGP)",
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      "text": "The Company's bond covenants do not prohibit a spin-off of the nature contemplated under the Proposals",
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      "text": "The Company currently has three main types of debt on its balance sheet: Bank Loans (£0), Loan notes (£100m), and Bonds (~£1.4bn at 7.08% interest).",
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      "text": "Bond covenants do not prohibit the proposed spin-off; FirstGroup US will cease to guarantee obligations.",
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      "text": "Bank facilities have restrictive covenants but are undrawn and replaceable; expected to be resized post-spin-off.",
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      "text": "Source: Company filings, broker research, Sandell estimates, Bloomberg. (1) Company filings. (2) Sandell estimates and Company filings. (3) Based on Sandell's analysis of the bond documents and public disclosures made by the Company.",
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      "text": "FirstGroup existing debt considerations",
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