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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "notes": "Includes detailed footnotes regarding leverage assumptions, interest rates, and covenant amendments.",
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      "text": "TWC, like its closest comparable Comcast, should not consider a regular dividend on its common stock assuming either the capital structure as currently proposed by management or a more appropriately levered one as highlighted in this analysis.",
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      "text": "Total Debt / LTM OIBDA: 6.0x",
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      "text": "TWC, like its closest comparable Comcast, should not consider a regular dividend on its common stock assuming either the capital structure as currently proposed by management or a more appropriately levered one as highlighted in this analysis.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "(a) Assumes 6.0x initial leverage at a rate of 6.3% (including swap costs). Debt amortization payments are assumed at $1,000 in each of 2009 and 2010. Assumes a minimum cash balance of $50 million is maintained in all periods.",
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      "text": "TWC DEBT ANALYSIS AT 6.0X ($ MM)",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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      "text": "PRO FORMA CREDIT STATISTICS: 6.0X DEBT/2006E OIBDA",
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