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  "documentTitle": "FirstGroup plc (FGP)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2014-01-15 00:00:00",
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  "notes": "The slide uses a waterfall-style logic to calculate the cost of debt repayment and associated leakage.",
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      "text": "For both financial and operational reasons, we believe the Company should pay back as much of the bonds as possible (see slide 42 for details of why)",
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      "text": "The Company can redeem or repurchase its bonds, but has to pay the make-whole premium\nPrice including make-whole premium generally calculated by using the yield of a reference Gilt with similar maturity as the bond (1)\nFor both financial and operational reasons, we believe the Company should pay back as much of the bonds as possible (see slide 42 for details of why)",
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      "text": "Debt Leakage: 17.7%",
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      "text": "Source: Company filings, broker research, Sandell estimates, Bloomberg.\n(1) Based on Sandell's analysis of the bond documents and public disclosures made by the Company.\n(2) Sandell estimates and Company filings.",
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      "text": "Bond Repayment Waterfall table showing Loans, Senior Unsecured Loan Notes, Bonds (2019, 2022, 2018, 2024, 2021), and Floating Rate Loan Notes with columns for Balance, Repurchase Price, Total Cost, Cum. Cost, Cash Spent, Balance Remaining, Balance Reduced, Debt Leakage, Interest Rate, and PF Interest.",
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      "text": "FirstGroup existing debt considerations (cont'd)",
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