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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Includes footnotes (a) and (b) regarding revolver details and AOL merger adjustments.",
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      "text": "Pro forma TWC, as shown in Exhibit 3.43, is expected to have total debt of approximately $15.8 billion as of January 1, 2006 or 3.6x net debt/2005E OIBDA (with covenants allowing for maximum leverage of 5.0x total debt/OIBDA).",
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      "text": "net debt/2005E OIBDA: 3.6x",
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      "text": "The estimated capitalization for TWC as of January 1, 2006 pro forma for the contemplated Adelphia/Comcast transactions is shown below.",
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      "text": "(a) $4 billion five-year unsecured revolver. Interest rate depends on the rating of TWC (currently LIBOR + 39 bps plus 11bps for commitment fees). Covenants include maximum leverage of 5.0x and minimum interest coverage of 2.0x.",
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      "text": "(b) Excludes $170 million in unamortized fair value adjustment recorded in connection with the AOL Merger.",
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      "text": "Information Source: Information and estimates based on Adelphia Communications Corporation's Fourth Amended Disclosure Statement dated November 21, 2005.",
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      "text": "Exhibit 3.43: ESTIMATED PRO FORMA CAPITAL STRUCTURE OF TWC ($ MM)",
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      "text": "XIII. TWC FINANCIAL STRATEGY",
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