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      "text": "As part of a restructuring of our long-term debt on November 18, 2011, our former credit facility was terminated but the interest rate swap contract was not... Because of our debt restructuring, the interest rate swap contract is no longer an effective cash flow hedge instrument",
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      "text": "After their interest rate swap maturity in Feb. 2014, HMA will have outsized exposure to variable-rate debt versus peers",
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      "text": "The company freely discloses that their current interest rate swap is not an effective cash flow hedge in their 10Q...",
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      "kind": "paragraph",
      "text": "...meanwhile, the cost to hedge against rising interest rates through their 2018 Term Loan maturity has increased – the 5 year swap rate has increased 92% YTD",
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      "text": "1. Weighted average fixed/variable debt percentages... 5. Bloomberg 5-year swap spread data.",
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      "text": "Hospital Competitors 83% Fixed, 17% Variable; HMA 41% Fixed, 59% Variable",
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