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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": "Contains two exhibits: 3.9 (Comparable Spreads) and 3.10 (Investment Grade Debt Issuance).",
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      "text": "Certain peers of TWX, including lower rated credits, easily accessed the public debt markets during the fall of 2002.",
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      "text": "Exhibit 3.10: Investment Grade Debt Issuance by Month ($ MM)",
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      "text": "TWX credit spreads did widen considerably in the summer of 2002 (as did spreads for all media credits, especially cable-related credits). TWX, during this period, also reported weak earnings at AOL, the onset of the SEC investigation, and the TWE restructuring; however, liquidity was not a concern for TWX and TWX did not require access to the public or private debt markets.",
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      "text": "Certain peers of TWX, including lower rated credits, easily accessed the public debt markets during the fall of 2002. By the end of 2002, spreads had returned to pre-summer levels and issuers like Comcast completed large financings and exchange offers to complete the purchase of AT&T Broadband.",
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      "text": "Chapter 3: Financial Strategy and Debt Capacity",
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