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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Page 211 of a Lazard presentation.",
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      "text": "Content could maintain an investment grade profile with initial leverage of 3.75x total debt/OIBDA (adjusted leverage of 4.1x) and a target leverage ratio of approximately 3.25x - 3.50x 2005PF OIBDA.",
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      "text": "Free cash flow conversion for Content is projected at 35% in 2006 increasing to 41% by 2008; Free cash flow/debt is projected to be 11% in 2006; increasing to 15% in 2007 and in excess of 20% for the remainder; Free cash flow is expected to grow at a CAGR of 16.0% for the period 2005 - 2010",
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      "text": "Marginally lower cost of debt; Strategic and financial flexibility including for acquisitions; Less stringent financial covenants; Greater flexibility to return capital to shareholders; Reduces dependence on the state of the debt capital markets",
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      "text": "total debt/OIBDA: 3.75x",
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      "text": "Exhibit 3.35 highlights the strong OIBDA growth, high free cash flow conversion and swift debt reduction at Content over 2006 - 2010. Content's initial leverage of $15.9 billion declines to approximately $14.3 billion of debt at the end of 2006 (representing 3.1x total debt/2006PF OIBDA). Leverage ratios are projected to continue declining by roughly 0.6x per year. Cumulative free cash flow from 2006 - 2010 is expected to total $11.1 billion.",
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      "text": "Content could maintain an investment grade profile with initial leverage of 3.75x total debt/OIBDA (adjusted leverage of 4.1x) and a target leverage ratio of approximately 3.25x - 3.50x 2005PF OIBDA. The debt level is expected to decline quickly.",
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      "text": "The rating should be supported by Content's leading positions in numerous targeted demographics, national coverage with MSOs and satellite providers for almost all TWX channels and strong brands/franchises including HBO, the leader in pay television programming.",
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      "text": "(a) Represents interest bearing debt and allocation of additional liabilities: operating leases ($1.6 billion), net unfunded pension obligations ($37 million), securitizations ($764 million), and excludes the Six Flags guarantee ($2.3 billion).",
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      "text": "Credit Profile of Content",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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