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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 footnotes (a-h) explaining assumptions for interest, corporate expenses, and debt repayment.",
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      "text": "Exhibit 3.38 provides a summary of the credit of Publishing with leverage of 6.0x total debt/OIBDA (which assumes a non-investment grade rating of Ba1/BB+).",
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      "text": "Note: Debt numbers as of September 30, 2005 and operating financials are FYE 2005. Analysis assumes leverage at 6.0x 2005E OIBDA.",
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      "text": "(a) Pro forma for interest payment reflecting a 6.0x 2005E leverage. Assumes interest rate of 6.5%. (b) Includes additional corporate expenses... (c) Assumes 6.0x 2005E leverage. (d) Assumes tax rate of 37.0%. (e) ... (f) ... (g) ... (h) ...",
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      "text": "Debt/PF OIBDA: 6.0x",
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      "text": "Exhibit 3.38 provides a summary of the credit of Publishing with leverage of 6.0x total debt/OIBDA (which assumes a non-investment grade rating of Ba1/BB+). This scenario will raise initial debt of $7.3 billion and is expected to delever to investment grade status by 2008-2009.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Financial projection table from 2005PF to 2010PF including OIBDA, FCF, Leverage, and Credit Statistics.",
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      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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