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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes detailed credit metrics for TWX consolidated, TWX ex-TWC, and TWC, along with sensitivity analysis for incremental debt capacity.",
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      "text": "ratios of 3.25x - 3.50x for TWX (excluding TWC) would enable TWX to pursue substantially greater repurchases or accelerate the implementation of the Management Repurchase Plan and remain an investment grade credit.",
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      "text": "Total Debt / OIBDA: 3.25x",
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      "text": "ratios of 3.25x - 3.50x for TWX (excluding TWC) would enable TWX to pursue substantially greater repurchases or accelerate the implementation of the Management Repurchase Plan and remain an investment grade credit.",
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      "text": "Source: Information and estimates based on various Wall Street research reports. Note: 2005PF includes Adelphia/Comcast transactions which are assumed to occur on January 1, 2005 for comparative purposes.",
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      "text": "(a) Assumes $12.5 billion in common stock evenly repurchased over two years beginning in July 2005 at an average price of $18.00 per share. (b) FCF assumes an NOL balance of approximately $5.6 billion at the beginning of 2006. (c) Assumes $0.05 quarterly dividend per share over the projection period. (d) Implies a net debt/OIBDA of 2.2x. (e) Adjusted net debt represents interest bearing debt and liabilities adjusted for operating leases, pension benefits, post retirement benefits, securitizations, guarantors and other. OIBDAR includes rent expense.",
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      "text": "Full financial table showing OIBDA, Free Cash Flow, Leverage, and Credit Statistics from 2005PF to 2010E.",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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